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A-REIT buys Hyflux Innovation Centre for S$191.2m

The deal involves buying over the property and paying for the remaining land lease, according to Ascendas Real Estate Investment Trust.

SINGAPORE: Ascendas Real Estate Investment Trust (A-REIT) plans to buy Hyflux Innovation Centre at Bendemeer Road in a sale and leaseback deal worth S$191.2 million.

The manager of the property trust said in a regulatory statement on Thursday (June 26) that the proposed deal involves purchasing the property for S$170 million and making an upfront land premium of S$21.2 million to Jurong Town Corporation (JTC) for the remaining land lease.

Water company Hyflux will lease 50 per cent of the Centre's gross floor area for 15 years, according to the statement.

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