| Home : August 23 2013 Computer News : AMD Announces Proposed Sale and Lease-back of AMD Singapore Facility to Sabana Shari'ah Compliant Industrial Real Estate Investment Trust |
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AMD Announces Proposed Sale and Lease-back of AMD Singapore Facility to Sabana Shari'ah Compliant Industrial Real Estate Investment Trust |
August 23, 2013
SUNNYVALE, CA--(Marketwired - Aug 22, 2013) - AMD (NYSE: AMD) today announced that its Singapore subsidiary, Advanced Micro Devices (Singapore) Pte Ltd. (AMD Singapore), has entered into a conditional put-and-call option agreement to sell and lease-back its Singapore facility located at 508 Chai Chee Lane, Singapore 469032 to HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana REIT). The transaction is expected to generate proceeds of approximately 59 million Singapore dollars (USD$46 million), net of all fees, which will be reflected in AMD's third quarter 2013 financial statements when reported on Oct. 17, 2013. AMD expects to record a gain of approximately $16 million in the third quarter of 2013. AMD Singapore will continue its operations in a portion of the Singapore facility and has negotiated a 10-year sub-lease agreement with Sabana REIT with extension options to continue those operations. The sub-lease would be effective upon the close of the sale of the property.
Link: http://www.marketwire.com/mw/release.do?id=1823864&sourceType=3
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