EC World Asset Management Pte. Ltd., in its capacity as manager of EC World Real Estate Investment Trust (EC World REIT, and as manager of EC World REIT, the Manager) referred to the following leases which have been entered into between the EC World REIT group (as lessor) and China Tobacco
Zhejiang Industrial Co. Ltd. ("China Tobacco") (as lessee) in relation to Hengde Logistics: the lease with a term from 5 October 2020 to 31 December 2023 in relation to 159,752 square metres of Hengde Logistics ("Hengde Phase 1"); and the lease with a term from 9 May 2021 to 31 December 2023 in relation to 74,057 square metres of Hengde Logistics ("Hengde Phase 2"). The Manager wishes to update unitholders of EC World REIT ("Unitholders") that despite the Manager's active negotiations with China Tobacco in relation to the renewal of the lease at Hengde Phase 1, China Tobacco has decided to discontinue the lease. The Manager is currently in discussions with China Tobacco in relation to the proposed renewal of the lease at Hengde Phase 2.
The Manager is conducting a review of Hengde Logistics, including exploring a new leasing strategy for Hengde Phase 1. The Manager will provide Unitholders with a further update as and when there are material developments.