AMD News AMD Completes Sale and Lease-Back of A
Post# of 29842
Posted On: 09/26/2013 7:39:49 AM
AMD News
AMD Completes Sale and Lease-Back of AMD Singapore Facility to Sabana Shari'ah Compliant Industrial Real Estate Investment Tr...
AMD (NYSE: AMD) today announced that its Singapore subsidiary, Advanced Micro Devices (Singapore) Pte Ltd. (AMD Singapore), has completed a transaction 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 generated proceeds of approximately SG$59 million Singapore dollars (US$46 million) net of all fees. AMD will record a gain of approximately US$16 million related to the transaction in the third quarter of 2013. AMD Singapore will continue its operations in a portion of the Singapore facility and has commenced a 10-year lease agreement with Sabana REIT with extension options.
The sale of AMD's Singapore facility is in keeping with AMD's strategy to reduce investments and capital in non-core parts of the business, including real estate. AMD launched operations in Singapore in 1984 and remains committed to the site as a vital part of the company's global operations. In 2012, AMD Singapore completed its transformation from a high-volume manufacturing site to an engineering center of excellence and currently employs approximately 500 people.
About AMD
AMD (NYSE: AMD) designs and integrates technology that powers millions of intelligent devices, including personal computers, tablets, game consoles and cloud servers that define the new era of surround computing. AMD solutions enable people everywhere to realize the full potential of their favorite devices and applications to push the boundaries of what is possible. For more information, visit www.amd.com.
AMD and the AMD Arrow logo are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and may be trademarks of their respective owners.
AMD Contacts:
Mike Silverman
AMD Public Relations
+1 512-602-3781
michael.silverman@amd.com
Ruth Cotter
AMD Investor Relations
+1 408-749-3887
ruth.cotter@amd.com
Sabana REIT Contact:
Kevin Xayaraj Tay
Chief Executive Officer
+65 6580 7750
kevin.tay@sabana.com.sg
AMD Completes Sale and Lease-Back of AMD Singapore Facility to Sabana Shari'ah Compliant Industrial Real Estate Investment Tr...
AMD (NYSE: AMD) today announced that its Singapore subsidiary, Advanced Micro Devices (Singapore) Pte Ltd. (AMD Singapore), has completed a transaction 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 generated proceeds of approximately SG$59 million Singapore dollars (US$46 million) net of all fees. AMD will record a gain of approximately US$16 million related to the transaction in the third quarter of 2013. AMD Singapore will continue its operations in a portion of the Singapore facility and has commenced a 10-year lease agreement with Sabana REIT with extension options.
The sale of AMD's Singapore facility is in keeping with AMD's strategy to reduce investments and capital in non-core parts of the business, including real estate. AMD launched operations in Singapore in 1984 and remains committed to the site as a vital part of the company's global operations. In 2012, AMD Singapore completed its transformation from a high-volume manufacturing site to an engineering center of excellence and currently employs approximately 500 people.
About AMD
AMD (NYSE: AMD) designs and integrates technology that powers millions of intelligent devices, including personal computers, tablets, game consoles and cloud servers that define the new era of surround computing. AMD solutions enable people everywhere to realize the full potential of their favorite devices and applications to push the boundaries of what is possible. For more information, visit www.amd.com.
AMD and the AMD Arrow logo are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and may be trademarks of their respective owners.
AMD Contacts:
Mike Silverman
AMD Public Relations
+1 512-602-3781
michael.silverman@amd.com
Ruth Cotter
AMD Investor Relations
+1 408-749-3887
ruth.cotter@amd.com
Sabana REIT Contact:
Kevin Xayaraj Tay
Chief Executive Officer
+65 6580 7750
kevin.tay@sabana.com.sg
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