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Jackson Square integrated manager seeking liquidation: Viva Industrial REIT

PC Lee Published on Mon, Apr 24, 2017 / 12:09 PM GMT+8

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SINGAPORE (April 24): The trustee-managers of Viva Industrial REIT (VI-REIT) has received a liquidation notice from Jackson International (JIPL), the integrated facilities manager of Jackson Square, due to its inability to continue its business.

JIPL is responsible for operating, maintaining, managing and marketing of the property located at 11 Lorong 3 Toa Payoh during the rental support period.

In a regulatory filing on Sunday, JIPL says based on the existing committed leases at the property and coupled with the drawdown of the rental support bank guarantee of $3.87 million, the guarantee is not be sufficient to cover the rental support amount for the remaining duration of the rental support period ending Nov 20, 2019 if JPL is unable to renew the existing leases at Jackson Square or secure sufficient new leases at comparable rental rates during that time.