The Rail Mall, located along Upper Bukit Timah Road, will be acquired by SPH REIT for a total consideration ofr S$63.2m.
The acquisition will be funded by a combination of debt and internal resources, according to the REIT manager.
Comprising 43 shop units, 95 carpark lots, the Rail Mall has a total Net Lettable Area (NLA) of about 50,000 sqft.
With the lease expiring in 2046, there is 28 years left before the lease runs out.
According to SPH REIT, the acquisition is in line with the REIT’s strategy of acquiring retail properties that would complement its assets, the Paragon and Clementi Mall.
The seller of the Rail Mall, Pulalu Properties, is a company owned by the LEe Foundation and members of the Lee Family.
Paid out in two tranches, the purchase consideration was arrived at on a willing-buyer willing-seller basis, and is a tad higher than the valuation by …