Sabana REIT eyes divestment of Pandan Loop property
Its sale consideration sits at $14.8m.
Sabana REIT entered a conditional sale and purchase agreement through its trustee HSBC Institutional Trust Services Ltd. for the sale of 218 Pandan Loop, Singapore 128408 to X Properties Inc. Pte. Ltd.
The total cash consideration of $14.8m is 9.6% higher than the purchase consideration, the group said. The sale consideration is also 13.8% above the property's book value of $13m.
Sabana noted that this is in line with its strategy to divest noncore and under-performing assets to recycle its capital into higher yielding assets.