ESR-LOGOS nets A$65.5m from Australian property sale

The REIT sold the property at a 7.4% premium.

ESR-LOGOS REIT, through its indirectly wholly-owned entity, Altona Trust, divested its logistics facility at 182-198 Maidstone Street, Altona, Victoria, Australia, for A$65.5m ($58m), excluding divestment costs and applicable goods and services tax.

In a bourse filing, ESR-LOGOS REIT said the sale consideration represents a 7.4% premium to the valuation of the property of A$61.0m ($54m).

The REIT will use net proceeds from the divestment to repay outstanding borrowings, finance potential acquisitions, asset enhancement initiatives and redevelopments, and/or fund general working capital requirements.

Post divestment, the REIT’s portfolio will consist of 71 properties, excluding 48 Pandan Road held through a joint venture, located across Singapore, Japan and Australia, and investments in three property funds in Australia.

The REIT does not expect the divestment to have a material impact on its net asset value and distribution per unit for the financial year ending 31 December 2024.

Follow the link for more news on

divestment

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia