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ESR-REIT JV completes S$225M purchase of Singapore warehouse

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ESR-REIT JV completes S$225M purchase of Singapore warehouse

ESR-REIT's joint venture with Poh Tiong Choon Logistics Ltd. completed its S$225.0 million acquisition of a warehouse with ancillary facilities in Singapore.

Following the acquisition, the joint venture agreed to lease the property at 48 Pandan Rd. to the real estate investment trust's partner for a 10-year term, according to a news release.

ESR noted that it contributed approximately S$100.0 million to the acquisition, which was funded by its private placement of 194,174,000 new units in June.

As of Aug. 7, US$1 was equivalent to S$1.38.