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First REIT Divest Siloam Hospitals Surabaya
By My Sweet Retirement  •  May 22, 2022
On 18th May 2022, First REIT announced that they will divest Siloam Hospitals Surabaya for S$40.9 million. Siloam Hospitals Surabaya was one of First REIT’s initial portfolio that was acquired at a purchase price of S$16.8 million on 11th December 2006. Based on the agreed property value of S$40.9 million, the sale translates to a capital gain of 143.2%. The net proceeds may be used to repay debt, finance any capital expenditure and asset enhancement works and/or general corporate and working requirements, and to distribute as capital gains. First REIT 2.0 Growth Strategy The divestment of Siloam Hospitals was part of its First REIT 2.0 Growth Strategy shared during the business update for 1Q2022 whereby the manager will reshape its portfolio for capital efficient growth. As part of its strategy, First REIT has acquired 12 nursing homes in Japan. This is...
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By My Sweet Retirement
I am a working salaried professional in my mid 30s. Just like most Singaporeans, I worked long office working hours, often trying very hard to find some work life balance. The Sweet Retirement Blog was created to share my journey towards achieving a comfortable retirement life. I believe we cannot simply rely solely on our Central Provident Fund savings when reaching old age. Neither can we rely solely on our bank savings as we all know the interest rates cannot beat inflation.
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