ESR-REIT Recovers 75% of Rent Arrears From Australian Tenant
MT Newswires
Yesterday
ESR-REIT (SGX:9A4U) has received around 75% of the rent arrears owed by Australian tenant ACFS Port Logistics as of Sept. 30, according to a Tuesday filing to the Singapore Exchange.
Administrators and receivers of ACFS assumed responsibility for the tenant's contractual rental obligations on Aug. 13, and ESR-REIT said it has since received all rent due while ACFS continues to occupy the properties.
About AU$3 million in arrears accrued before Aug. 13 remains outstanding, while bankers' guarantees stand at AU$0.4 million after partial drawdowns.
ESR-REIT further said it has issued breach notices seeking replacement of the guarantees and will pursue further recovery options.
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