The manager of ESR-REIT is undertaking the purchase of a logistics building in Singapore, as well as the acquisition of a 10% stake in ESR Australia Logistics Partnership,  for a total transaction cost of some $185 million. It also announced asset enhance initiatives (AEI) for two of its Singapore properties for an estimated total cost of some $80 million.

To help fund the acquisitions and the AEIs, it has launched a private placement of new units in the REIT to raise not more than $150 million in gross proceeds. ESR-REIT also obtained a A$68.5 million ($70.8 million) unsecured loan facility from RHB Bank.

In a press release dated May 6, the manager notes that the acquisitions will strengthen ESR-REIT’s portfolio, including diversification into Australia and increased exposure to the logistics segment.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook