SINGAPORE (Oct 30): The manager of AIMS AMP Capital Industrial REIT (AA REIT) says it has received the TOP for its greenfield BTS development at 51 Marsiling Road on Oct 27.

The building will be fully leased to a leading manufacturer, Beyonics International, for a term of 10 years with rent escalations.

The five-storey purpose-built industrial facility with cargo lift access will serve as Beyonics’ new global headquarters.

This will provide an estimated net property income of $3.5 million in the first year after fitting-out period. Rental income is expected to start in first quarter FY19.

The build-to-suit greenfield development is valued at $43.0 million with a gross floor area (GFA) of 231,738 sf.

Koh Wee Lih, CEO of AIMS AMP Capital Industrial REIT Management, says the development is in line with its strategy of seeking yield accretive investments while minimising risks and delivering value for its unitholders through proactive asset and lease management.

Units in AIMS AMP Capital Industrial REIT closed 1 cent lower at $1.44.