AIMS APAC REIT Management Limited as manager of AIMS APAC REIT announced that AA REIT has renewed the master lease with KWE-Kintetsu World Express (S) Pte Ltd. at 7 Bulim Street for a new 5 year term and extended the master lease term with Aalst Chocolate Pte Ltd. at 26 Tuas Avenue 7 for a further 10 years. KWE is a wholly owned subsidiary of Kintetsu World Express Inc., a major Japanese freight forwarding and logistics group and is a top ten tenant of AA REIT. 7 Bulim Street was acquired on 9 October 2020 and is a BCA Green Mark Gold Plus ramp up logistics property.

The property is located within the Jurong Innovation District and has a gross floor area ("GFA") of 68,190 sqm. The lease with KWE has been renewed for 5 years to 31 December 2028 and was signed at a positive rental reversion over their expiring rental rate and subject to rental escalations. AA REIT will also carry out exterior building improvement works at the property.

Aalst Chocolate is a leading chocolate manufacturer in Asia and a wholly-owned subsidiary of Cargill, a global food and agriculture company. They have been a long-standing tenant at 26 Tuas Avenue 7 since 19 April 2007. The property is located within the Jurong Industrial Estate and comprises a two-story industrial building with a leasable area of 5,858 sqm.

Aalst Chocolate lease extension for 10 years to 18 April 2035 was also signed at a positive rental reversion over the expiring rental rate of the current lease term and is subject to rental escalations. To support Aalst Chocolate's business requirements, AA REIT will carry out electrical upgrading works. As at 30 September 2023, the two master leases collectively contributed to approximately 6.6% of AA REIT's total portfolio gross rent and the respective renewals will extend AA REIT's portfolio Weighted Average Lease Expiry ("WALE") from 4.2 to 4.6 years by gross rental income.