Company Briefs: Aims Amp Capital Industrial Reit

Aims Amp Capital Industrial Reit

Aims Amp Capital Industrial Reit (AA Reit) plans to redevelop an industrial property in Tuas Avenue 20.

The redevelopment will transform two factories into an industrial facility with ramp and cargo lift access, making it suitable for production and warehouse usage, the trust manager said yesterday.

The property's value, once the work has been completed, will be around $32 million.

Gross floor area will increase by around 41,614 sq ft or 35 per cent.

Plans to redevelop this property were accelerated following a fire that caused partial damage, a statement on the Singapore Exchange website said. AA Reit's insurance fully covered the loss of income caused by the incident and the reinstatement of the asset, it added.

Mr Koh Wee Lih, the manager's chief executive, said: "Rather than reinstate the buildings to their original condition where the specifications are customised, we will capitalise on its downtime, and the insurance compensation, to improve the property's specifications for the current market.

"This is also timely as the master tenancy expires in mid-2016."

The property contributed around 1 per cent to AA Reit's net rental revenue in the 2015 financial year, the statement said.

Soilbuild Business Space Reit

Distribution per unit (DPU) for the first quarter fell at Soilbuild Business Space Reit as the number of units increased. DPU dropped 4.7 per cent to 1.557 cents.

However, gross revenue rose 8.2 per cent to $20.1 million, mainly due to an additional $2.1 million of rental revenue from two properties, Solaris and Technics.

Net property income increased 8.8 per cent to $17.2 million.

Distributable income grew 9.6 per cent to $14.6 million.

Hiap Hoe

A Hiap Hoe subsidiary is selling a property in central Melbourne to A. & J. Brady, a property group, for A$60 million (S$62 million).

The freehold commercial building comprises a 445-bay carpark, 5,130 sq m of offices and ground-level shops.

A version of this article appeared in the print edition of The Straits Times on April 15, 2016, with the headline 'CompanyBriefs'. Subscribe