ESR-Reit divests two properties for S$53m | / Property news / ESR-Reit divests two properties for S$53m

ESR-Reit divests two properties for S$53m

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ESR-Reit is divesting its properties at 11 Serangoon North Avenue 5 and 3C Toh Guan Road East for S$53 million, the Reit manager said on Wednesday.

The price is a 5 per cent premium to the properties' total fair value of S$50.5 million as at Dec 31, 2020, and a 7.1 per cent premium to their total acquisition price.

The net proceeds will be used to repay outstanding borrowings and/or fund upcoming asset enhancements, potential acquisitions, unit buy-back and / or general working capital requirements, said ESR Funds Management.

If fully used to repay outstanding borrowings, the proceeds would reduce ESR-Reit's pro forma gearing to 40.9 per cent from 42 per cent as at March 31, 2021.

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