ESR-LOGOS REIT (E-LOG) has entered into a contract of sale to divest 81 Tuas Bay Drive for $35 million.
The consideration represents a premium of 16.7% above the property’s valuation of $30 million as at Aug 16.
The property is a general industrial building within the Tuas Industrial Estate and is zoned for “Business 2” under the master plan in 2019. The property has a nettable area of 9,993 sqm (107,563.8 sq ft).
Upon the completion of the divestment, E-LOG’s portfolio will consist of 70 properties (excluding 48 Pandan Road) located across Singapore, Japan and Australia, as well as investments in three property funds in Australia.
The divestment is expected to be completed in 4Q2024.
Units in E-LOG closed at 26 cents on Aug 29.
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