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AIMS AMP Reit achieves full tenancy at Gul Way project
Jun 06, 2012
by Cheryl Tay AIMS AMP Capital Industrial Reit has already completed half of the first phase of its S$155 million redevelopment project at 20 Gul Way. Apart from being on time and within budget, AIMS AMP has also achieved full tenancy for the site care of logistics provider CWT Ltd. A lease period of five years and two months have been secured for levels one and five, while levels two, three and four have been secured for four years and two months. On a pro forma basis, the project will likely boost the Reit's distribution per unit (DPU) by around 15 percent or 1.465 cents. Nick McGrath, CEO of AIMS AMP, noted that the redevelopment is a "good example of our strategy of redeveloping existing assets to unlock the value within the portfolio to deliver greater value for unitholders." The two-phase redevelopment will increase the gross floor area (GFA) to 1,159,536 sq ft from 378,064 sq ft. Once completed, it will also increase the annual rental income from S$3.6 million to S$16.3 million. The first phase is estimated to be fully completed by Q4 this year, while the second phase will see completion by December next year. All over Singapore, AIMS AMP owns 26 industrial properties that account for an appraised total value of S$930.9 million, as per valuations on 31 March.