The group said that the net proceeds of the divestment will be deployed to repay outstanding borrowings, finance potential acquisitions, asset enhancement initiatives and redevelopments and or fund general working capital requirements.
ESR-REIT has completed the divestment of a property for a sale consideration of $6.8 million, according to a bourse filing on March 24.
The property is 1 Third Lok Yang Road and 4 Fourth Lok Yang Road, and the sale consideration represents a 3.5% premium above its valuation of $6.6 million.
