Singapore – Mapletree Investments Pte Ltd (“Mapletree”) today announced that Mapletree Trustee Pte Ltd has signed a Put and Call Option with mainboard-listed Armstrong Industrial Corporation Ltd (“Armstrong”) to purchase its corporate headquarters at 531 Bukit Batok St 23 for S$20 million on a sale and leaseback arrangement.

Armstrong, whose principal activities are those of investment holding and the manufacture and sale of precision die-cut foam and rubber moulding for technology and other applications, would lease the property for 10 years, with an option to renew for another 5 years, at an annual rental of S$1,706,000 for the first year.

Armstrong Building is a 6-storey warehousing/industrial complex. It has a gross floor area of approximately 18,870 sq m.

Mr Chua Tiow Chye, CEO of Mapletree Logistics Trust Management Pte. Ltd. said: “We are pleased to work with leading companies like Armstrong Industrial Corporation to help them unlock value from their real estate by providing them with asset light solutions. Such solutions enable them to focus on their core businesses, while Mapletree acts as their real estate partner, supporting them on their real estate infrastructure needs.”

“Mapletree’s corporate philosophy is based on partnership for mutual success and we are fully committed to unlocking and sharing value from real estate with our partners. We look forward to a rewarding and long-standing relationship with Armstrong”, he added.

Important Notice

This press release is for information purposes only and does not constitute an offer, intended offer, invitation or intended invitation of any securities (including units in a collective investment scheme) by Mapletree or any other entity.