ESR-REIT (SGX:J91U) has entered a deal to sell two logistics properties at 1 Third Lok Yang Road and 4 Fourth Lok Yang Road in Singapore for SG$6.8 million, representing a 3.5% premium to their SG$6.6 million valuation, according to a Monday filing on the Singapore Exchange.
The sale proceeds will be used to repay borrowings, fund potential acquisitions, asset enhancements, and redevelopments, or for working capital, the real estate investment trust said.
Following the divestment, expected to conclude in the first quarter of 2025, ESR-REIT will hold 70 properties across Singapore, Japan, and Australia, excluding a joint venture holding at 48 Pandan Road.
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