46 STRATEGICALLY ADVANCING OPERATIONS REVIEW These acquisitions will improve ESR-REIT’s key portfolio metrics significantly and underscore our dedication to creating a resilient and future-ready green portfolio. We are confident that our 4R Strategy will drive long-term value for our Unitholders and will continue to execute on our growth strategy effectively with strong support from our Sponsor, ESR Group. Divestment Activity In FY2024, the Manager successfully completed the divestment of two assets aggregating S$93.9 million as part of its continued efforts to enhance income resilience and redeploy the sale proceeds to pare down debt, fund AEIs and future asset acquisitions. The divestments of 182-198 Maidstone Street, Australia, a single storey conventional warehouse with a single level office component was completed on 30 April 2024 while 81 Tuas Bay Drive, Singapore, a 2-storey ramp-up General Industrial building with ancillary offices was completed on 30 October 2024. 20 Tuas South Avenue 14, Singapore Situated in close proximity to the Tuas Mega Port, 20 Tuas South Avenue 14 comprises a high-specifications manufacturing facility and ramp-up logistics warehouse which is Green Mark Platinum certified with modern specifications. It sits on a total land area of 252,733 sqm, and is a leasehold property with approximately 44 years land lease remaining as at 31 December 2024. The newly acquired asset presents a rare opportunity to acquire a sizeable and modern New Economy asset with a long remaining land lease. Its strategic location will benefit from the increased activity and development in the area, providing us with a quality asset that is well-positioned to capitalise on the growth of the logistics and industrial sectors as port activity increases. 20 Tuas South Avenue 14, Singapore — HighSpecifications Industrial asset with Green Mark Platinum certified logistics warehouses acquired in FY2024 Real Estate Transactions Completed in FY2024 Property City/Country Asset Class Sale Consideration Valuation Seller/Buyer Completion Date Acquisitions ESR Yatomi Kisosaki Distribution Centre Nagoya, Japan Logistics JPY38,000.0 million JPY38,910.0 milliona JPY38,900.0 millionb Kisosaki TMK 15 November 2024 20 Tuas South Avenue 14 Singapore High-Specifications Industrial & Logistics S$840.0 million S$859.7 millionc S$859.0 milliond LSAV 1 Portfolio Ltd. and LSLV General Partner 29 November 2024 Divestments 182-198 Maidstone Street, Altona Victoria, Australia Logistics A$65.5 million A$61.0 millione Fife AREF Altona Pty Limited as trustee for Fife AREF Altona Sub Trust 30 April 2024 81 Tuas Bay Drive Singapore General Industrial S$35.0 million S$30.0 millionf Excel Precast Pte Ltd 30 October 2024 a Based on independent valuation conducted by Colliers International Japan KK as at 30 June 2024 using the income capitalisation method and discounted cash flow method. b Based on independent valuation conducted by CBRE K.K. as at 30 June 2024 using the income capitalisation method and discounted cash flow method. c Based on independent valuation conducted by Cushman & Wakefield VHS Pte. Ltd. as at 30 June 2024 using the income capitalisation method, discounted cash flow method and where appropriate, the sales comparison method. d Based on independent valuation conducted by Savills Valuation and Professional Services (S) Pte Ltd as at 30 June 2024 using the income capitalisation method and discounted cash flow method. e Based on independent valuation conducted by Cushman & Wakefield (Valuations) Pty Ltd as at 31 December 2023 using the income capitalisation method and discounted cash flow method. f Based on independent valuation conducted by Jones Lang LaSalle Property Consultants Pte Ltd as at 16 August 2024 using the income capitalisation method and discounted cash flow method.
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