Aims Amp update

- Sale of 23 Changi South Avenue 2 Singapore above book value
- Signing of three long term leases with high quality tenant at 23 Tai Seng Drive
Singapore
- 100% occupancy achieved at 15 Tai Seng Drive Singapore

Sale of 23 Changi South Avenue 2 Singapore (“Property”)
On 3 November 2010 the Manager announced that it had issued an option (“Option”) to Premier Land (East) Pte Ltd (“Purchaser”) for the sale of the Property for S$16.7 million following the payment by the Purchaser of a 1% non refundable option fee of S$167,000. The sale price is S$500,000 above the book value of the Property of S$16.2 million as at 30 September 2010.
The Manager is pleased to announce that the Purchaser exercised the Option on 15 November 2010 and has paid S$1.5 million, equivalent to 9.0% of the sale price. The balance of the sale price will be paid in cash on completion of the sale, which is expected to take place in January 2011.

The sale of the Property is consistent with the Manager’s strategy of recycling the Trust’s capital to maximise returns for unitholders. The Manager adopts a proactive approach towards managing the Trust’s properties with a view to enhancing their quality and value. This includes identifying properties within the Trust’s portfolio which have reached the optimal stage of their life cycle for divestment, allowing the Manager to free up capital to provide the Trust with greater financial flexibility for future investment opportunities.

Signing of three long term leases with high quality tenant at 23 Tai Seng Drive Singapore
The Manager is pleased to announce that it has recently signed three long term leases at market rents with T-Systems Singapore Pte Ltd (“T-Systems”), a Deutsche Telecom Group Company, at 23 Tai Seng Drive Singapore. 23 Tai Seng Drive is one of the Trust’s five multi tenancy properties and has a total net lettable area of 92,150 sqft.
The signing of these leases with T-Systems is consistent with the Manager’s asset management strategy of securing high quality tenants with long lease terms which increase the weighted average lease expiry (“WALE”) profile of the Trust’s portfolio. The WALE of the Trust’s portfolio is currently 3.9 years.

T-Systems has signed two leases over levels one, three and four of the building which span reception, office, warehouse and data centre areas which in aggregate represent a total of 51,158 sqft or 56% of the net lettable area of the property. The leases end on 31 July 2020 with an option to renew for a further five years. The leases are subject to a rent review in January 2013 with fixed rental escalations every two years after that.

In addition, T-Systems has signed a five year lease (with a five year option) over level two of the building representing 8,176 sqft or a further 9% of the net lettable area of the property. In total, T Systems now occupies over 64% of the property. The occupancy of the property is 100%.

100% occupancy achieved at 15 Tai Seng Drive Singapore
15 Tai Seng Drive is another one of the Trust’s multi tenancy properties. The property, which has a total net lettable area of 192,000 sqft, had occupancy of 85% as at 31 March 2010. The Manager has recently achieved occupancy of 100% at the property after securing lease renewals with existing tenants as well as new leases over previously unoccupied space. The total occupancy of the Trust’s portfolio is currently in excess of 98%, which compares favourably to the Singapore industrial average of 92.5%.