KWE-Kintetsu World Express is a wholly owned subsidiary of major Japanese freight forwarding and logistics group, Kintetsu World Express. It is one of the top 10 tenants of the REIT.
AIMS APAC REIT (AA REIT) has renewed two master leases for its properties in Singapore. The REIT, on Jan 8, announced that it has renewed its master lease with KWE-Kintetsu World Express (S) Pte Ltd at 7 Bulim Street for a new five-year term. The lease now expires on Dec 31, 2028 and was signed at a positive rental reversion over the expiring rental rate. The new lease is also subject to rental escalations. AA REIT says it will carry out exterior building improvement works at the property at Bulim Street.
In addition, the REIT has extended the master lease term with Aalst Chocolate Pte Ltd at 26 Tuas Avenue 7 for a further 10 years. The lease, which now expires on April 18, 2035, was also signed at a positive rental reversion over the expiring rental rate of the current lease term and is subject to rental escalations. To support Aalst Chocolate’s business requirements, AA REIT will carry out electrical upgrading works.
