Mooreast (SGX:1V3) subsidiary, Mooreast Asia, accepted an offer from JTC Corp. for a further 20-year lease of its property at 60 Shipyard Crescent in Singapore, according to a Wednesday bourse filing.

The property spans about 101,616 square meters and is part of a planned capacity anticipated expansion exercise.

Under the terms, the mooring solutions provider's unit should invest at least SG$38 million in new plant and machinery and develop at least 69% of the land area, obtain a temporary occupation permit and satisfy green building obligations.

Shares of the company were down nearly 4% in Thursday trading.