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A blog about investments, financial news, stocks, unit trusts, REITs, bank deposit rates and great investors who live in Singapore like Jim Rogers. Nothing herein constitutes or should be construed to constitute any (i) offer, advice, invitation or solicitation from me to buy or sell any investments, securities or other financial products, (ii) invitation or inducement to engage in investment activities or financial promotions of any kind or (iii) investment advice or recommendation.
Saturday, July 7, 2012
Cambridge Industrial Trust to acquire $41 mil Property
Cambridge Industrial Trust (CIT) is acquiring a property located in Teban from Eurosports Auto Pte Ltd for $41 million. On completion of the acquisition, which is expected to take place around December 2013, Eurosports Auto will lease the property for six years.
CIT intends to fund the acquisition through a mixture of debt and equity. The acquisition of this asset will improve the weighted average lease to expiry from the existing 3.2 years to 3.3 years as at 31 March 2012. Only an incremental change if you ask me.
"Additionally, the acquisition will further reduce the reliance of CIT's income stream on any single asset or tenant," said CITM in a statement.
CIT's portfolio currently comprises 46 properties and two built‐to‐suit projects located across Singapore,at an aggregate book value of $1,067.5mil as at 31 March 2012.
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