NorthTech, a property of AIMS AMP Capital Industrial REIT (Photo: AIMS AMP Capital Industrial REIT)

AIMS APAC REIT (AA REIT) has completed asset enhancement initiative (AEI) works at 29 Woodlands Industrial Park E1.

AEI on the property, which is also known as NorthTech was completed within budget, said the REIT.

As at 30 September 2019, NorthTech is fully occupied with a weighted average lease expiry (WALE) of 3.29 years.

During the AEI, the property’s rental income was not affected as the property remained operational while the upgrades were being carried out, said the REIT.

“The NorthTech asset enhancement is part of AA REIT’s active portfolio management strategy to cater to our tenants’ evolving business requirements as well as to unlock further value and deliver positive investment returns for unitholders”, said the CEO of the REIT’s manager, Koh Wee Lih.

The AEI includes upgrades to the property’s drop-off porches, passenger lift lobbies and lift interiors, toilets, signages, external landscaping, and the air-conditioning system.

“We are pleased to have completed the AEI, providing our tenants with a high-technology, light industrial building that is modern while at the same time energy and water efficient”, Koh added.

REITsWeek has gotten in touch with the REIT's manager to further understand if the AEI could result in rental uplift, and will update it with an editorial piece once details are available.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.