“We are pleased to report that EC World REIT has successfully renewed the lease at competitive rates. With the renewal of the lease in relation to Hengde Logistics, the Manager has substantially renewed the expiring leases of EC World REIT for 2020. We will continue to work closely with the property manager in China to optimize portfolio performance,” Goh adds.
The manager of EC World REIT says it has renewed a major lease amounting to 159,172 square metres in relation to Hengde Logistics with China Tobacco Zhejiang Industrial Co.
“Working closely with our property manager in China, we have been engaging China Tobacco on the lease renewal since October 2019. However, the negotiation was delayed by the Covid-19 situation,” says Goh Toh Sim, executive director and CEO of the manager.
