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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