Singapore-listed industrial REIT Cache Logistics Trust (CLT) (SGX:K2LU) announced that as of 30 September, it has fully utilised the proceeds from a private placement exercise conducted in March 2013.
The exercise, which saw a listing of 70 million new units in CLT, raised SGD86.8 million for the REIT. From this, SGD56.1 million was used to wholly fund the acquisition of the property known as Precise Two located at 15 Gul Way while SGD2.3 million was used to pay the fees and expenses related to the acquisition.
The REIT announced on 30 September that the remaining balance SGD28.4 million has now been fully utilised for the development of DHL Supply Chain Advanced Regional Centre, a build-to suit logistics warehouse located at Tampines LogisPark.
The property is the SGD160 million joint venture with DHL Supply Chain announced in May 2014. The property is seeing investment of approximately SGD40 million from DHL and SGD120 million from CLT.
When completed, the DHL Supply Chain Advanced Regional Center will occupy the largest parcel of land in Tampines LogisPark, spanning nearly 60,000 square meters. The property is scheduled for completion in the second half of 2015 and will be the 14th property in CLT’s portfolio.
Units of CLT are currently listed on the Singapore Exchange at 1.16.