CAMBRIDGE Industrial Trust (CIT) announced on Monday that it has entered into an agreement with RBC Investor Services Trust Singapore Limited for the proposed sale of the remaining leasehold interest in a property located at Ubi for S$22.1 million, excluding divestment costs and application goods and services tax. The five-storey light property, located at 55 Ubi Avenue 3, has a gross floor area of...
Cambridge Industrial Trust
CAMBRIDGE Industrial Trust Management on Monday said it has entered into an agreement with UBZ System for the proposed sale of its remaining leasehold interest in 2 Ubi View for S$10.5 million. According to the manager of Cambridge Industrial Trust (CIT), the proposed sale originated from an "unsolicited offer" from UBZ. The sale consideration represents a premium of about 6 per cent above the...
Cambridge Industrial Trust (CIT) on Friday (Jan 16) reported a 0.6 per cent on-year rise in distribution per unit (DPU) of 5.004 Singapore cents for the financial year ended Dec 31, 2014. CIT's gross revenue increased 3 per cent to S$99.3 million for the year, while net property income declined 3.2 per cent to S$77.8 million as a result of higher property expenses due to the conversion of several...
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...
Cambridge Industrial Trust Management Limited (CIT) said on Wednesday it is buying its maiden property in the new Paya Lebar iPark precinct for S$72.3 million. The five-storey industrial building, located at 16 Tai Seng Street, has a current gross floor area of about 16,282 square metres that will eventually increase to 19,878 square metres. The purchase is expected to be completed by the second quarter...
The manager of mainboard-listed Cambridge Industrial Trust (CIT) has received a formal notice from the Singapore Land Authority on the compulsory acquisition of land that will affect its properties. CIT said the compulsory acquisition of land along Tuas Road is for the construction of Tuas West Mass Rapid Transit extension and several road works. Based on its initial assessment, CIT said three of its 43...
Mainboard-listed Cambridge Industrial Trust (CIT) is acquiring several properties for some S$37.1 million. It said on Friday that it is entering into two separate put and call option agreements to acquire an asset located at 22 Chin Bee Drive and another located at 1 & 2 Changi North Street 2. The building at Chin Bee comprises two levels of warehousing facilities and a mezzanine level of office...
Cambridge Industrial Trust (CIT) said on Wednesday its first quarter distribution per unit (DPU) fell 7.5 per cent to 1.27 cents, from 1.38 cents in the same period a year ago. Its distributable income for the quarter ended March 31 declined 7.2 per cent to S$11.1 million, from S$11.9 million in the previous corresponding period. The lower DPU also came on the back of lower property income which fell 2.7...
The manager of MacarthurCook Industrial REIT said its recapitalisation plan is the only proposal which meets the REIT's substantial and immediate funding requirements. It said this is reinforced by Cambridge Industrial Trust's (CIT's) disclosure on Friday that it has no viable proposal or solution for MI-REIT and its unitholders. CIT said on Friday that the Monetary Authority of Singapore would not allow...
The tussle for unitholder support between MacarthurCook Industrial REIT (MI REIT) and Cambridge Industrial Trust (CIT) continues unabated. The latest salvo was fired on Wednesday morning by MI REIT, which questioned CIT's plans for it. MI REIT wants details of CIT's proposed initiative to take charge of MI REIT's assets, as well as the costs involved in such a move. It is also asking how CIT plans to...