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Cambridge Industrial Trust has entered into an agreement to sell its remaining leasehold interest in a four-storey industrial building in Woodlands for S$17.68 million.
Situated within the JTC Woodlands East Industrial Estate, the property has a gross floor area of around 124,425 sq ft and a remaining land tenure of about 29 years. Its current book value stands at S$17.2 million.
“This divestment is in-line with Cambridge Industrial Trust’s FY2017 business strategy, focused on divestment of non-core properties and recycling capital for greater investment flexibility and better returns, whilst at the same time remaining committed to being a long term investor in its properties,” said the trust’s manager in an SGX filing.
The completion of the sale of the property, which is set to take place in Q4 2017, is subject to the approval of JTC Corporation.
It added that the sales proceeds will be used for acquisition opportunities, repayment of debt, asset enhancement initiatives and/or for working capital purposes.
This article was edited by Denise Djong.
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