EdgeProp
SINGAPORE (EDGEPROP) - Real estate investment trust ESR-REIT has acquired a warehouse facility at 46A Tanjong Penjuru, called Global Trade Logistics Centre, from Montview Investments. CBRE Industrial & Logistics Singapore represented the seller in the transaction. According to an SGX filing by ESR-REIT, the purchase consideration amounts to $112 million.The property is a five-storey industrial development with a gross floor area of about 524,000 sq ft. The space features flexible floorplates that cater to warehouse and logistics users.Global Trade Logistics Centre has a 30-year lease term from JTC commencing on 1 May 2006, and an option to renew for a further term of 14 years. (Picture: CBRE)“Global Trade Logistics Centre is a highly specified ramp-up logistics facility that offers excellent connectivity to the existing Jurong and upcoming Tuas seaports, as well as the Central Business District. Underpinned by a fantastic tenant roster, GTLC is fully occupied and always enjoys strong demand from a wide variety of logistics users,” says Rimon Ambarchi, head of Industrial & Logistics, Singapore & Southeast Asia at CBRE, who was part of the team that brokered the deal.Read more: Industrial property prices fall 0.4% in 1Q2020 as industrialists shelve expansion plansDemand for logistics assets has been growing over the past few months, says Ambarchi, boosted by the fact that occupancy rates for Grade A warehouse assets in Singapore has been close to 100% since early 2020.“These assets generate superior defensive cash flows in a time of uncertainty and their appeal is further enhanced by the growing adoption of e-commerce and companies,” he says, and expects demand and rents of logistics assets to continue to climb over the foreseeable future.See Also: Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools New Launch Condo & Landed Property in Singapore (COMPLETE list & updates) PropNex reports net profit growth of 96.7% to $16.2 mil for 1Q2021 Freehold retail podium at Grandview Suites for sale at $26 mil WeWork appoints Balder Tol as company GM for Australia and Southeast Asia En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc HDB Resale Flats Up For Sale, Affordable Units Available
