AA REIT renews leases with KWE, Aalast Chocolate

AA REIT will also perform upgrade works on both properties.

AIMS APAC REIT (AA REIT) announced its master lease renewal with Kintetsu World Express (KWE) at 7 Bulim Street for a new 5 year term and extended the master lease term with Aalst Chocolate at 26 Tuas Avenue 7 for another 10 years.

KWE is a Japanese freight forwarding and logistics group and is a top ten tenant of AA REIT. The property is located within the Jurong Innovation District and has a gross floor area (“GFA”) of 68,190 sqm.

AA REIT will also carry out exterior building improvement works at the property.

Aalst Chocolate is an Asian chocolate manufacturer that has been a tenant since 2007. The property is located within the Jurong Industrial Estate and comprises a two-story industrial building with a leasable area of 5,858 sqm.

AA REIT will carry out electrical upgrading works at the property.

The two master leases made up 6.6% of AA REIT’s portfolio gross rent as of September 2023.

In addition, the renewals will extend AA REIT’s portfolio Weighted Average Lease Expiry (“WALE”) from 4.2 to 4.6 years by gross rental Income.