By CARINE LEE
Cambridge Industrial Trust on Monday announced that it will purchase an industrial building on Toh Guan Road East for a purchase consideration of S$35.5 million.
The property, a five-storey warehouse building with an ancillary office, has a gross floor area of approximately 17,917 sqm. It is a JTC leasehold estate of 30+30 years tenure commencing from February 16, 1991.
Cambridge Industrial said it believes the property will enhance its overall portfolio and further reduce its reliance of income stream on any single asset and tenant.
The Trust intends to fund the acquisition through a combination of 60 per cent cash and 40 per cent debt, and expects to use part of the proceeds from previous equity fund-raising exercises to fund the purchase.
The acquisition is expected to be completed by the first quarter of 2012.
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