RBC Investor Services Trust Singapore, the trustee of Cambridge Industrial Trust, has agreed to sell the remaining leasehold interest in 23 Tuas Avenue 10 for a consideration of $16.5 million.
The property is a 4-storey industrial building located along Tuas Ave 10, off Jalan Ahmad Ibrahim. It has remaining land tenure of about 40 years and gross floor area of 102,310 square feet.
The sale consideration of S$16.5 million represents a premium of 5% above the current book value of $15.7 million and is close to double the original purchase price of $8.55 million in 2006.
Proceeds from the divestment will be used for the repayment of debt, acquisition opportunities, asset enhancement initiatives and for working capital purposes.
The sale to Reliance Products was announced in a 7.10am SGX filing by CIT’s manager Cambridge Industrial Trust Management.
Manager says the proposed sale originated from an unsolicited enquiry from Reliance, the existing tenant on the property whose lease will expire on 24 July 2016.
The completion of the sale of the property is subject to approval by JTC Corporation and is expected to take place in June 2016.
Units of Cambridge Industrial Trust are trading at 55 cents.
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The property is a 4-storey industrial building located along Tuas Ave 10, off Jalan Ahmad Ibrahim. It has remaining land tenure of about 40 years and gross floor area of 102,310 square feet.
The sale consideration of S$16.5 million represents a premium of 5% above the current book value of $15.7 million and is close to double the original purchase price of $8.55 million in 2006.
Proceeds from the divestment will be used for the repayment of debt, acquisition opportunities, asset enhancement initiatives and for working capital purposes.
The sale to Reliance Products was announced in a 7.10am SGX filing by CIT’s manager Cambridge Industrial Trust Management.
Manager says the proposed sale originated from an unsolicited enquiry from Reliance, the existing tenant on the property whose lease will expire on 24 July 2016.
The completion of the sale of the property is subject to approval by JTC Corporation and is expected to take place in June 2016.
Units of Cambridge Industrial Trust are trading at 55 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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