315 Alexandra Road (AIMS APAC REIT)

AIMS APAC REIT is acquiring 315 Alexandra Road for SGD102 million.

The property is anchored by Sime Darby Property Singapore Limited, from whom it will be bought on a partial leaseback structure.

It will be acquired at an initial net property income (NPI) yield of 6.2%.

Sime Darby will leaseback 70% of the property’s total gross floor area for 10 years.

As such, the asset uplifts the REIT’s overall portfolio WALE to 4.52 years, and portfolio occupancy to 95.0%.

The acquisition will be fully funded by debt, comprising a new term loan and existing debt facilities.

With the proposed acquisition, the REIT’s aggregate leverage will increase to 39.0%.

AIMS APAC REIT was last done on the SGX at SGD1.29.

By Shariffa Al-Habshee

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