Coliwoo (SGX:W8W) unit Coliwoo Project Ace entered into a put and call option agreement to acquire a leasehold estate in Singapore from Viva Trust for SG$101 million, according to a Friday filing with the Singapore Exchange.

Shares of the co-living space developer were down nearly 1% in Monday trading.

Viva Trust is a sub-trust of ESR REIT (SGX:J91U). The estate is a strata lot at ESR BizPark @ Chang, and comprises a hotel block with more than 250 rooms, along with a retail space.

The acquisition is by way of Viva Trust granting a lease in relation to the property to Coliwoo Project Ace. An option fee, representing 10% of the purchase price, will be payable upon the execution of the put and call option.