Aims Apac Reit's plan to acquire Sime Darby Business Centre falls through

Aims Apac Reit announced plans to acquire the premium showroom and business-space along Alexandra Road in January 2021. PHOTO: AIMS APAC REIT

SINGAPORE (THE BUSINESS TIMES) - Aims Apac Reit's manager announced on Monday (July 4) in a bourse filing that its plan to acquire Sime Darby Business Centre has fallen through.

Both the purchaser and vendor will not be going through with the deal as "renegotiation of the principal terms and conditions of the acquisition was not concluded", said the real estate investment trust's (Reit) manager, hence necessary regulatory approvals were not obtained by the target date of July 1.

Additionally, since the option agreement to purchase the property at 315 Alexandra Road has lapsed, the Reit will be entitled to a refund of the $1.02 million option fee it paid earlier, said the manager in the update.

The facility is anchored by Sime Darby Property Singapore, a wholly owned unit of Malaysian property developer Sime Darby Property. Aims Apac Reit had in January 2021 announced plans to acquire the premium showroom and business-space site in Alexandra Road for $106.6 million.

Units of Aims Apac Reit closed flat at $1.35 on Friday.

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