ESR-REIT, a Singapore-based industrial real estate investment trust, intends to purchase a newly redeveloped warehouse in Jurong for 225 million Singapore dollar ($164.2 million).
The newly rebuilt six-storey ramp-up warehouse, with a gross floor area of about 1.1 million square feet, features a rooftop parking and is located within the Pandan area at Jurong Industrial Estate.
ESR-REIT is planning to buy the warehouse via PTC Logistics Hub LLP, its joint venture with third-party logistics firm Poh Tiong Choon Logistics.
With the proposed acquisition, ESR-Reit’s rental income from the logistics portfolio will increase from 19.7 percent as of April 24 to 22.3 percent after the deal.