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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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About Agent.sg Weekly Property News Selection
Agent.sg's Weekly Property News Selection brings you the most important property market news in and around Singapore. We list the best articles on real estate development, property investment and on the property listing market on a weekly basis - whoever stays out, misses out.
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