Singapore-listed industrial REIT Cambridge Industrial Trust (CIT) (SGX:J91U) announced on 15 September that it has completed the acquisition of a six-storey light industrial building at 12 Ang Mo Kio Street 65.
Plans for the SGD39.8 million purchase were first revealed in August 2014 and is said to be funded with a mixture of cash and debt instruments.
The multi-tenanted property, with a gross floor area (GFA) of 16,762 sqm, is currently 85% leased and has a remaining land tenure of 36 years from the Singapore government.
Managers for the REIT described the acquisition as a "value-add opportunity" in an official statement on the purchase. "We are confident that there is potential for yield increment and capital appreciation once the property achieves full occupancy and through capitalising on the positive rental reversion on existing leases", said CEO for the REIT's manager, Philip Levinson.
The acquisition brings CIT portfolio to a total of 49 properties across Singapore.
Units of CIT are currently listed on the Singapore Exchange at SGD0.70.