Cambridge Industrial Trust is acquiring the property at 30 Teban Gardens Crescent for S$41m from Eurosports Auto Pte Ltd.
The property consists of (a) a 3-storey industrial building with a single storey factory cum car showroom and (b) a brand new annex block of a 2-storey showroom with ancillary office to be completed by the vendor.
The total gross floor area of property to be acquired is expected to be approximately 12,922 sqm.
The manager believes that 30 Teban Gardens Crescent is a well-located, good quality industrial asset that will enhance the overall portfolio quality.
Additionally, the acquisition will further reduce the reliance of CIT’s income stream on any single asset or tenant.
Mr. Chris Calvert, Chief Executive Officer of CITM said “We are pleased to announce our latest acquisition of 30 Teban Gardens Crescent, a high quality asset located close to the expressway and major roads in Jurong.”
“Eurosports Auto Pte Ltd is a representative of luxury European automotive brands such as Lamborghini and Lotus. We actively seek to strengthen and diversify our portfolio. The asset will improve our weighted average lease to expiry from 3.2 years to 3.3 years as at 31 March 2012.”