Ratings agency Standard & Poor’s (S&P’s) has reaffirmed a credit rating of BBB- for Singapore-listed industrial REIT Cambridge Industrial Trust (CIT) (SGX:J91U).

According to an announcement by the managers of CIT, the rating was confirmed in a S&P report dated 6 June.

Separately the REIT also announced that it has received a temporary occupation permit (TOP) for the first phase of asset enhancements done to its property at 3 Pioneer Sector 3.

The asset enhancement initiative (AEI) included the construction of a four-level ramp-up industrial warehouse that yields an additional gross floor area (GFA) of 315,350 sq ft bringing the total GFA to 716,510 sq ft.

Philip Levinson, CEO of the REIT’s manager, revealed that the AEI’s completion was originally targeted for 4Q14. “Not only did we manage to complete the project ahead of schedule, we achieved cost savings of SGD1 million, bringing the total cost to S$44.4 million. This property will be fully leased to CWT Limited for a period of three years with immediate effect including a two months fit-out period”, said Levinson.

The REIT will be commencing Phase II of the AEI by connecting the new ramp-up warehouse with the existing building and upgrading the building’s façade and facilities for an estimated cost of SGD12.4 million.

Units of CIT ended the day 0.65% higher on the Singapore Exchange to close at SGD0.775.