Ascendas-Singbridge Pte Ltd entered into a conditional sale and purchase agreement to acquire 9 Tai Seng Drive, Geo-Tele Centre, Singapore from Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (SGX:M1GU) for SGD 99.6 million on September 26, 2018. The consideration will be paid in cash. A cash deposit of SGD 10 million, equivalent to 10% of the consideration, has been paid into an escrow and the balance consideration will be paid on completion. The proposed acquisition is subject to certain conditions precedent, including but not limited to approvals from JTC Corporation and any other relevant authorities and confirmation from JTC Corporation that conditions under JTC Corporation lease are complied with. The transaction is expected to complete by early first quarter of 2019. The proceeds of the transaction will be used by Sabana Shari'ah Compliant Industrial Real Estate Investment Trust to repay outstanding borrowings, reduce aggregate leverage ratio and borrowing costs. Edmund Tie & Company (SEA) Pte Ltd acted as valuer. A divestment fee equivalent to 0.5% on the consideration will be paid to Sabana Real Estate Investment Management Pte. Ltd., manager of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust. Ascendas-Singbridge Pte Ltd completed the acquisition of 9 Tai Seng Drive, Geo-Tele Centre, Singapore from Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (SGX:M1GU) on January 10, 2019.