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15.12.2025 07:30:05
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ESR-REIT Proposes S$338.1 Mln Divestment Of Eight Non-core Assets
(RTTNews) - ESR REIT (9A4U.SI, CGIUF), on Monday announced that its manager, ESR-REIT Management Ltd., has proposed the divestment of eight non-core industrial properties in Singapore for S$338.1 million, representing a 2% premium to independent valuation.
The proposed divestment is aimed at reducing exposure to assets with short remaining land leases while enhancing overall portfolio quality. The divestment is also expected to strengthen financial flexibility and support future investments in asset enhancement initiatives, redevelopments, and acquisitions aligned with its new economy opportunities.
The assets to be divested include properties at Tanjong Penjuru, International Road, Pioneer Road, Ubi Road 1, Jurong Port Road, Jalan Terusan, Tuas South Street 1, and Tuas View Circuit.
The divestment properties have a weighted average remaining land lease of 22.4 years as of September 30.
On a pro forma basis, the portfolio weighted average remaining land lease is expected to improve to 44.8 years from 43.3 years, while the weighted average lease expiry is projected to increase to 4.3 years from 4.1 years. Exposure to assets with remaining land leases of less than 15 years is expected to decline to 11.8% from 13.2%.
Assuming full repayment of existing debt using net proceeds, aggregate leverage is expected to decline to approximately 39.2% from 42.8%, expanding debt headroom to about S$1.11 billion. Pro forma interest coverage ratio is expected to improve to 2.6x from 2.5x.
On a pro forma basis, assuming completion on January 1, 2024, distribution per unit for the full year 2024 would decline 4.1% to 20.323 Singapore cents, while net asset value per unit would remain unchanged at S$2.754.
ESR REIT is currently trading 1.09% lesser at S$2.7100 on the Stock Exchange of Singapore.
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