Cambridge – SGX

Cambridge Industrial Trust acquires 9 Bukit Batok Street 22 for S$18.3 million

24th April 2007, Singapore – Cambridge Industrial Trust (“CIT”) announced that it has signed a Put and Call Option Agreement to acquire 9 Bukit Batok Street 22 (the “Property”) for S$18.3 million. The acquisition is expected to be financed by debt or alternative funding sources in line with the Manager’s capital management strategy to optimize the funding of the Trust.

Mr Wilson Ang, Chief Executive Officer of the Manager said, “Bukit Batok is a niche industrial locale with an immediate catchment to manpower due to its close proximity to the Bukit Batok HDB estate, a major housing estate in Singapore. Although the building is more than 10 years old, considerable Addition and Alteration works were completed recently in 2006, enhancing the value and marketability of the Property. More importantly, the Property provides a stable income stream and will further enhance the current CIT portfolio.”

General Description of the Property

Completed in 1994, the 5-storey industrial building with a basement carpark sits on a land area of 6,258.2 square metres. The Property has a gross floor area of 14,666.0 square metres. Inaddition, it has a long land lease duration of 30 years effective from 1 February 1993, with an option to renew for a further term of 30 years.

The Property is located along Bukit Batok East Avenue 6 and is about 5 to 7 minutes’ walk to the nearby Bukit Batok MRT station. More importantly, it is easily accessible to other parts of the island via the Pan-Island Expressway (PIE).

Upon completion of the Sale and Purchase, Ascender Investment Pte Ltd (“Ascender”) will leaseback the Property for a 7-year term. The rental escalation is 5% at the beginning of the third and fifth years. The Property houses tenants from industries such as electronic manufacturing, trading and furniture sectors. Ascender will bear the cost of maintenance of the Property while CIT will bear the cost of land rent and property tax.