12 Ang Mo Kio Street 65 will be Cambridge Industrial Trust's 49th property. in its portfolio.12 Ang Mo Kio Street 65, pictured here, is Cambridge Industrial Trust's 49th property in its portfolio.

Singapore-listed industrial REIT, Cambridge Industrial Trust (SGX:J91U), announced on 10 June that it has refinanced a SGD250 million club loan using proceeds from a medium term note issuance and a new SGD150 million unsecured bilateral loan facility.

“This refinancing is the latest step in our prudent capital management strategy. As a result, we have no major refinancing requirements until FY2017”, said Philip Levinson, CEO of the REIT’s manager.

As a result of the Refinancing, Cambridge Industrial Trust’s weighted average debt expiry has lengthened to 3.8 years while the all-in cost of debt stands at approximately 3.69% per annum with 96.5% of the interest rate exposure fixed for the next 3.7 years.

The REIT’s unencumbered assets are now in excess of SGD1.1 billion, representing close to 80% of investment properties by value, said the REIT.

Units of Cambridge Industrial Trust last changed hands on the Singapore Exchange at SGD0.86.

12 Ang Mo Kio Street 65 will be Cambridge Industrial Trust's 49th property. in its portfolio.
12 Ang Mo Kio Street 65, pictured here, is Cambridge Industrial Trust's 49th property in its portfolio. 16 International Business Park will be its 50th.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.