Soilbuild REIT seeks new tenant as Technics files for judicial settlement
Technics has defaulted on their lease agreement.
Soilbuild Business Space REIT is searching for a new tenant at its 72 Loyang Way property, after the decision of its current tenant Technics Offshore Engineering to file for judicial management.
The landlord also said that despite Technics’ current troubles, the near-term impact is mitigated as Soilbuild REIT has received $11.8m in cash in relation to its claim from a security deposit obtained when it entered into the lease with TOE in May 2015. This is equivalent to roughly 18 months of rent.