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Uncertainty for Soilbuild REIT as master lease tenant in arrears

Samantha Chiew
Samantha Chiew9/20/2017 03:43 PM GMT+08  • 2 min read
Uncertainty for Soilbuild REIT as master lease tenant in arrears
SINGAPORE (Sept 20): OCBC Investment Research is maintaining its “hold” call on Soilbuild Business Space REIT (Soilbuild REIT) with a marginally lower fair value estimate of 66 cents, from 67 cents previously.
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SINGAPORE (Sept 20): OCBC Investment Research is maintaining its “hold” call on Soilbuild Business Space REIT (Soilbuild REIT) with a marginally lower fair value estimate of 66 cents, from 67 cents previously.

The trustee of Soilbuild REIT has issued a letter of demand to master lease tenant NK Ingredients for arrears amounting to $3.4 million and has called upon an insurance guarantee of $5.1 million. The balance of $1.7 million from the guarantee is equivalent to about four months’ rent.

The property currently leased to NK consists of seven blocks of office, laboratory, warehouse and production facilities. It is currently used for lanolin, lanolin derivative and cholesterol production.

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