Singapore-listed industrial REIT, Cache Logistics Trust, has agreed to amicably settle a lease dispute over its property at 51 Alps Avenue.
The agreement has been reached with both the anchor tenant, and previous master lessee of the property, said the REIT in its announcement on 31 October.
51 Alps Avenue is one of the largest properties in the Airport Logistics Park.
The property is currently occupied by Schenker, and first became the subject of a lease dispute in 2016, when the company issued an originating summons to the REIT seeking declaration that its original anchor lease agreement is binding.
Subsequently, after the master lessee, C&P Land, failed to deliver vacant possession of the property in August 2016, the REIT moved to claim damages seeking double the rent payable as provided for in the master lease agreement.