CIT completes acquisition of industrial property

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Singapore-listed Cambridge Industrial Trust (CIT) has completed its acquisition of an industrial building from Tye Soon Limited for S$35.5 million.

Located at Toh Guan Road East, the property comprises a five-storey warehouse building with ancillary office. CIT said the property has been leased back to Tye Soon for three years, with an option to renew for another three years.

It noted that the acquisition was funded through private placement and preferential offering completed in November 2010.

Meanwhile, the trust also announced that gross revenue for its financial year ended 31 December 2011 surged 8.3 percent to S$80.4 million, while net property income (NPI) climbed 6.2 percent to S$69.1 million.

It also achieved a full-year distribution per unit (DPU) of 4.237 cents, or around 1.118 cents in the fourth quarter, up 3.3 percent from the previous quarter.

“We have continued to improve our DPU on a quarter-on-quarter basis. We remain committed in delivering secure and sustainable returns to our unitholders and will continue to take the Trust forward through proactive asset and capital management,” said Chris Calvert, Chief Executive Officer of Cambridge Industrial Trust Management Ltd (CITM), the manager of the trust.

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