Sabana REIT to buy AMD’s Chai Chee Lane property for $68.2 mil in sale-and-leaseback deal
Written by The Edge
Friday, 23 August 2013 14:59
The manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) said it plans to buy a property located at 508 Chai Chee Lane, Singapore 469032 from Advanced Micro Devices (Singapore) Pte Ltd for $68.2 million.
The property is a seven‐storey light industrial building with two basement storeys, located at Chai Chee Lane, off Bedok North Road and Bedok North Avenue 1. Completed on 2 December 2002 with a built‐up gross floor area of about 327,574.70 square feet, the property is a JTC leasehold estate of 30 + 29 years tenure commencing from 16 April 2001. Land area of the site is around 113,689.50 square feet, with a remaining tenure of 46.5 years.
The price comprises $59.5 million for the property as well as $7.7 million upfront land premium payable to JTC for the balance of the first term (about 17.5 years) on JTC's approval and other costs.
If the acquisition follows through, both parties will enter into a lease agreement in which Advanced Micro Devices will lease back at least 50% of the total rentable area of the property.
- wong chee tat :)
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