Soilbuild REIT to divest KTL Offshore property after issues over rent non-payment

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Soilbuild REIT has entered into a put and call option agreement to divest its property at 61 and 71 Tuas Bay Drive for SGD55 million (USD41 million).

The purchaser of the property has been disclosed to be SB (Pioneer) Investment Pte Ltd, a subsidiary of the REIT’s sponsor, Soilbuild Group Holdings.

The property, which is more commonly known as KTL Offshore, comprises two adjacent detached purpose-built factories with a total combined gross floor area of 208,057 square feet.

It is currently leased to KTL Offshore and “as at 28 December 2017, Soilbuild REIT’s trade receivable due from [the company]comprised approximately six months of rent and other charges, including a sum of SGD1.5 million”, said the REIT, disclosing its tenant’s non-payment issues.

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