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A-REIT Lease Renewals At Light Industrial Properties

BackJun 18, 2003
A-REIT Lease Renewals at Light Industrial Properties

18 June 2003, Singapore Ascendas-MGM Funds Management Limited, the Manager of A-REIT is pleased to provide details of recent lease renewals at the light industrial properties - Techplace I and II. The renewals have been committed at rental rates in line with the forecast and assumptions stated in A-REIT's IPO prospectus dated 5 November 2002.

Techplace I

a.)

 Hock Cheong Printing Pte Ltd lease renewal for 405 sqm. This tenant occupies a total of 2,151 sqm of space at the property with leases running to April 2004.
b.)

Hybronic Pte Ltd lease renewal for 1,344 sqm for a period of 3 years. This tenant occupies a total of 1,719 sqm of space at the property with leases running to August and October 2003.

c.)

Proway Engineering Plastic Pte Ltd - lease renewal for 706 sqm. This tenant occupies a total of 1,389 sqm of space at the property with leases running to May 2004, August 2005 and June 2006.

Techplace II
a.)

Kulicke & Soffa (SEA) Pte Ltd (previously signed under American Fine Wire, Ltd which is under the Kulicke & Soffa Group) lease renewal for 3,568 sqm of space to May 2006.

b.)

Manufacturing Integration Technology Ltd - lease renewal for 870 sqm. The tenant occupies a total of 3,686 sqm of space at the property with leases running to December 2003, January and August 2004.

c.)

NEC Semiconductors Singapore Pte Ltd as previously advised in April 2003, lease renewal for 2,770 sqm of space to July 2005.

d.)

II-VI Singapore Pte Ltd - lease renewal for 1,668 sq m. This tenant occupies a total of 2,200 sqm of space at the property with another lease running to November 2003.

e.) Sin Hin Canteen - lease renewal for 2,092 sqm to April 2006.
   
Mr Stephen Hawkins, the Trust Manager said, "We are pleased to provide details of these renewals of leases within the A-REIT portfolio and to extend the tenure of occupancy for these tenancies at the properties. This demonstrates the Manager's ability to enhance A-REIT's income stream by the ongoing leasing / renewal of space within the portfolio."

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