AIMS APAC REIT’s Proposed Acquisition Of Sime Darby Business Centre Scrapped

SINGAPORE – The manager of AIMS APAC REIT revealed that the proposed purchase of the Sime Darby Business Centre at 315 Alexandra Road has “fallen through,” according to local bourse filings published on Monday morning (4 July, SGT).

Both the would-be buyer and seller will not proceed with the commercial property transaction, “as the re-negotiation of the principal terms and conditions of the acquisition were not concluded and hence, the necessary regulatory approvals were not obtained by the target date of 1 July 2022,” stated AIMS APAC REIT Management Ltd.

As such, the conditions stipulated in the put and call option agreement signed by both parties on 27 January 2021 have not been fulfilled. As the contract had lapsed and is not exercisable, the would-be buyer will be entitled to a refund of the option fee of S$1.02 million it paid.

The Sime Darby Business Centre is a premium business-space equipped with a property showroom. Its main occupant is Sime Darby Property Singapore, a wholly-owned subsidiary of Malaysian real estate developer Sime Darby Property Bhd.

Previously, AIMS APAC REIT announced in January 2021 that it intended to purchase the commercial property for S$106.6 million.