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Cambridge Industrial Trust through its manager Cambridge Industrial Trust Management (CITM) announced Wednesday (18 February) the proposed acquisition of 160A Gul Circle for a purchase consideration of S$16.2 million.
Comprising an existing single-storey factory and a newly completed four-storey factory, the property situated within the Jurong Industrial Estate comes with a gross floor area of approximately 86,075 square feet. It has a remaining land tenure of approximately 26 years.
CITM CEO Philip Levinson said: “This is a strong-yielding and quality asset that will provide a steady income stream and enhance our overall portfolio. The acquisition is in line with CIT’s strategy to acquire yield-accretive assets that support our objective of creating sustainable growth and value.”
The acquisition will be funded by the company’s existing debt facilities and cash and is expected to be completed by the second quarter of 2015.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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