SINGAPORE - ESR-Logos Reit has signed a master lease with PharmaGend Global Medical Services at a rental rate more than 35 per cent higher than the previous one.

The lease represents about 1 per cent of the real estate investment trust’s (Reit) portfolio rental income as at end-September 2023, said the Reit manager on Jan 25.

The 20-year lease also extends the Reit’s weighted average lease expiry to 3.5 years from 3.4 years.

The pharmaceutical company is located at 3 Tuas South Avenue 4.

Mr Adrian Chui, chief executive and executive director of the manager, said: “The agreement not only signifies the longevity of our commitment, but also highlights the confidence our valued tenants have in our ability to provide an environment which is conducive to their innovation and business growth.”

Units of ESR-Logos Reit closed flat at 32 cents on Jan 24. THE BUSINESS TIMES