The managers of Viva Industrial Trust, which comprises Viva Industrial REIT and Viva Industrial Business Trust, said the companies have declined an offer from Ho Lee Group Pte Ltd. to purchase the Ang Mo Kio property for S$300.0 million.
The property is at 7000 Ang Mo Kio Ave. 5 in Singapore and encompasses a gross leasable area of 1,069,392 square feet.
The offer to purchase the property was made pursuant to a right-of-first-refusal agreement, which stated that the disposal of the property would need to be completed within a year from the date that the managers received the offer.
According to a release, the managers said the acquisition would not be in the best interests of Viva Industrial Trust because a major equity fundraising exercise would be needed to partially finance the purchase. The managers also believed the purchase would not be accretive to the distribution per stapled security of Viva Industrial.
As of Oct. 6, US$1 was equivalent to roughly S$1.37.