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Soilbuild Business Space REIT 45 Million Loan

Soilbuild REIT Logo

Following my previous post on news that Cambridge Industrial Trust has taken up a 100 million loan (Cambridge Industrial Trust 100 Million Loan), Soilbuild Business Space REIT has announced on 21st September 2016 that they have taken up a S$45 million loan. The loan comprises of S$40 million term loan and S$5 million revolving loan facility. The S$45 million loan was from Bank of East Asia (BEA).

As indicated previously in my post on Cambridge Industrial Trust, there should be two questions we need to ask ourselves.

  1. Did the REIT run into debt?
  2. Is the REIT expanding or acquiring new property?

As we all know, Soilbuild Business Space REIT is acquiring the Bukit Batok Connection. Thus, the S$40 million loan is used by Soilbuild Business Space REIT to fund the acquisition. This is on top of the S$59.4 million Soilbuild REIT is raising through preferential offering (Soilbuild Launches Preferential Offering to fund Bukit Batok Connection Acquisition).

 

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