Ascendas REIT' property in Science Park, The Kendall (Photo by Ascendas REIT)Ascendas REIT's property in Science Park, The Kendall (Photo by Ascendas REIT)

The manager of Singapore-listed industrial REIT, Ascendas (SGX:A17U), announced on 24 June that it has commenced legal proceedings against two service providers that were contracted by the REIT.

The contractors are namely building services company A@risco Services Pte. Ltd, and security company Concorde Security Pte Ltd.

“Currently, the amounts in dispute with A@risco and Concorde are around SGD3.6 million and SGD1.8 million, respectively”, said the REIT in a filing with Singapore Exchange.

“As part of the legal proceedings, we are also seeking damages from A@risco in the sum of approximately SGD460,000 for, among others, certain works done by A@risco”, it added. No further details were given on the nature of these disputes.

The manager of Ascendas REIT has indicated that it does not expect the legal proceedings to have an impact on its performance.

Units of Ascendas REIT last changed hands on the Singapore Exchange at SGD2.43.

Ascendas REIT' property in Science Park, The Kendall (Photo by Ascendas REIT)
Ascendas REIT' property in Science Park, The Kendall (Photo by Ascendas REIT)

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.