CIT to acquire first Business Park asset for $28m

The property is 16 International Business Park.

Cambridge Industrial Trust revealed the proposed acquisition of 16 International Business Park in Singapore for a purchase consideration of $28 million.

Situated within the International Business Park in Jurong East, the three-storey purpose-built building has a gross floor area of approximately 69,258 square feet and a remaining land tenure of approximately 41.6 years.

Upon completion of the acquisition, the Property will be leased back to M+W Singapore Pte Ltd for 11.6 years, with options to renew for two consecutive five-year terms.

The acquisition will be partially funded from the proceeds from the MTN issued earlier this month and will have a positive DPU impact. It is expected to complete by end December 2014.