Hyflux to sell and partially lease back Tuas property
Hyflux announced on Oct 18 that it was selling its leasehold interest in 8 Tuas South Lane as well as equipment relating to the property at $95 million. The prospective buyer is RBC Investor Services Trust Singapore, trustee of ESR REIT.
Upon completion of the sale, RBC is to grant Hyflux subsidiaries a partial leaseback of the Tuas property for a lease period of 15 years. The property is currently used by Hyflux as a factory, warehouse facility and workers’ dormitory.
Hyflux leased the property with a land area of 830,711 sq ft from JTC Corp for an initial term of 30 years from April 1, 2008, with an option for an extension. The completion of the sale is subject to the approval of JTC and other relevant authorities.
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