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Cache Logistics Trust, through its manager ARA-CWT Trust Management, said on Tuesday (2 June) it has sold its Kim Heng Warehouse at 4 Penjuru Lane to JTC Corporation for a consideration sum of S$9.7 million.
This is a nine percent premium to its original acquisition price in 2011. It was valued at S$9.0 million in December last year.
Located within the Jurong Industrial Estate, the singe-storey warehouse has a land area of approximately 87,000 sq ft and a gross floor area of 54,000 sq ft. According to ARA-CWT Trust Management CEO Daniel Cerf, the Kim Heng Warehouse is the smallest property in their portfolio. It has a remaining land lease tenure of approximately 27 years.
In an SGX filing, the company said the divestment is expect to be completed this month.
Following this divestement, Cache will own 16 logistics warehouse properties in Singapore, Australia and China with a total property value of approximately S$1.2 billion. This includes the upcoming build-to-suit logistics warehouse development for DHL Supply Chain Singapore.
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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