SINGAPORE (Oct 10): The managers of Viva Industrial Trust have declined an offer from Ho Lee Group to buy its property at 7000 Ang Mo Kio Avenue 5 for $300 million.

Viva Industrial Trust Management has a right of first refusal (ROFR) agreement with Ho Lee over the property. The offer was made after Ho Lee received an offer from an unrelated third party.

In a Monday night filing, Viva Industrial Trust Management says the acquisition would not be in the best interests of VIT given that a major equity fund raising exercise would be required for the acquisition in order for VIT to maintain its gearing ratio at the current level.

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