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AIMS APAC REIT (formerly: AIMS AMP Capital Industrial REIT)
16-04-2019, 09:17 PM.
Post: #1
AIMS APAC REIT (formerly: AIMS AMP Capital Industrial REIT)
Announcement Regarding AA REIT's Tenant - CWT Pte. Limited

AIMS APAC REIT (formerly known as AIMS AMP Capital Industrial REIT) ("AA REIT"), refers to the announcement dated 16 April 2019 released by CWT International Limited on The Stock Exchange of Hong Kong Limited titled "Inside Information Announcement and Continued Suspension Of Trading". 

CWT Pte. Limited ("CWT"), a wholly-owned subsidiary of CWT International Limited,  is a tenant of AA REIT at 20 Gul Way and 30 Tuas West Road (collectively, the "Properties"). As disclosed in AA REIT’s results presentation slides dated 1 February 2019 on the unaudited financial results of AA REIT for the third quarter ended 31 December 2018 ("3Q FY2019"), CWT is one of AA REIT’s top 10 tenants, and the gross rental income received from CWT’s leases represented 8.4% of AA REIT’s 3Q FY2019 gross rental income.

With respect to CWT’s leases, the Manager wishes to inform that:
* CWT has not defaulted on its rental payments under the various lease agreements entered into with AA REIT in relation to the Properties (the "CWT Lease Agreements") and there are no arrears due from CWT as at the date of this announcement;
* AA REIT presently holds security deposits ranging from three to six months of rental in the form of bank guarantees amounting to approximately S$4.5 million; and
* AA REIT’s exposure to CWT’s leases will be further reduced due to the expiries of the CWT Lease Agreements, with the final CWT Lease Agreement expiring in July 2021. Based on AA REIT’s 3Q FY2019 gross rental income, approximately 5.1% of AA REIT’s gross rental income from CWT will progressively expire in the current financial year ending 31 March 2020

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