KWE-Kintetsu World Express is a wholly owned subsidiary of major Japanese freight forwarding and logistics group, Kintetsu World Express. It is one of the top 10 tenants of the REIT.
Aalst Chocolate is a leading chocolate manufacturer in Asia and a wholly-owned subsidiary of Cargill, a global food and agriculture company. It has been a long-standing tenant at 26 Tuas Avenue 7 since April 19, 2007.
As at Sept 30, 2023, the two master leases collectively contributed to around 6.6% of AA REIT’s total portfolio gross rent. The renewals will extend the REIT’s portfolio weighted average lease expiry (WALE) from 4.2 years to 4.6 years by gross rental income (GRI).
“We are delighted to extend our long-standing partnerships with KWE and Aalst Chocolate and look forward to supporting their business growth and long term occupational requirements. The sustained demand that we are seeing from industry leading and reputable companies is a testament to our proactive leasing strategy, strong tenant relationships and commitment to ongoing rejuvenation of our portfolio of quality and well-located assets,” says Russell Ng, CEO of the manager.
See also: Keppel REIT increases multicurrency debt issuance programme limit to $2 billion
Units in AA REIT closed at $1.33 on Jan 5.
