7000 Ang Mo Kio ESR-LOGOS REIT. (Photo: REITsWeek)

ESR-LOGOS REIT (E-LOG) has renewed its tenancy with AMS-OSRAM Asia Pacific at 7000 Ang Mo Kio Avenue 5.

The lease was renewed with a 12.9 % positive rental reversion, said the REIT.

AMS-OSRAM is an Austrian-German manufacturer of high-tech optical sensors.

It is one of ESR-LOGOS REIT’s top 10 tenants and it occupies about 46,220 square metres, or 60.7% of 7000 Ang Mo Kio Avenue 5 by net lettable area.

AMS-OSRAM has renewed its lease for the production area and the office units for a five-year and two-year term respectively.

The asset remains the largest site office of AMS-OSRAM in Singapore and is also the headquarters for its manufacturing and business operations.

“AMS-OSRAM’s lease renewal with us is a testament to the quality of the property and relationship with E-LOG”, said Adrian Chui, CEO of the REIT’s manager.

“We are pleased to continue our partnership with AMS-OSRAM and provide them a conducive environment in support of their growing business to innovate and nurture their manufacturing and business operations”.

“With the ongoing development of a new modernised building at the property, we envisage 7000 AMK becoming an iconic high-specs property of choice for industrialists in the advanced manufacturing and data centre sectors”, he added.

ESR-LOGOS REIT was last done on the Singapore Exchange at SGD0.41, which presently implies a distribution yield of 7.12% according to data on the Singapore REITs table.

Related: ESR-LOGOS REIT reveals grander ambitions for data centre-capable site

By Shariffa Al-Habshee

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