Cambridge – Announcement
Completion of Acquisition of Armorcoat International Building Located At 361 Ubi Road 3 Singapore 408664 for S$18.0 Million
2. RBC Dexia Trust Services Singapore Limited as trustee of CIT (the “Trustee”), has on 8 June 2007 exercised the call option under the put and call option agreement (the “Option Agreement”), entered into with Armorcoat International Pte Ltd (the Vendor) on 15 December 2006.
3. Pursuant to the Trustee’s exercise of the call option under the Option Agreement, the Trustee and Vendor have entered into the sales and purchase agreement for the Property and completed the sales and purchase today.
4. The purchase price and other acquisition costs of the Property are fully funded by debt.
5. Located along Ubi Road 3, the property comprises a five-storey industrial building with a basement carkpark level and a roof top swimming pool. It has a gross floor area of 8,931.0 sqm, and it is situated on land area of 4,563.7 sqm. The land is on leasehold title of 30 years with an option to renew for a further 30 years which expires on 31 January 2057. Armorcoat International Pte Ltd and Chartered World Academy Pte Ltd will jointly leaseback the Property for 10 years, with 7% rental escalations on the commencement of the fourth and seventh year.
6. CIT is a real estate investment trust constituted by the Trust Deed entered into on 31 March 2006 between the manager of CIT and RBC Dexia Trust Services Singapore Limited as the Trustee of CIT. Since its listing on the Singapore Exchange Securities Trading Limited (SGX-ST) on 25 July 2006 (the Listing Date), CIT has an asset portfolio comprising 30 properties worth S$640 million, all of which are currently located in Singapore. Cambridge Industrial Trust Management Limited, the Manager of CIT, is a joint venture
between Cambridge Real Estate Investment Management Pte Ltd (CREIM), CWT Limited (CWT), a Singapore incorporated company listed on the Main Board of the SGXST which is engaged in the business of cargo logistics and distribution, and Mitsui & Co., Ltd (Mitsui). Mitsui is one of Japans largest business conglomerates and they listed Japan Logistics Fund, Inc., the first REIT dedicated to investing in logistics facilities, in May 2005. 60% of the issued share capital of the Manager is held by CREIM, 20% is held by Mitsui, and the remaining 20% is held by CWT.
7. In relation to the initial public offering of CIT, the joint global co-ordinators and joint financial advisers were ABN AMRO Rothschild and CLSA Merchant Bankers Limited, and the joint lead underwriters and bookrunners were ABN AMRO Rothschild and CLSA Singapore Pte Ltd. The public offer co-ordinator and sub-placement agent was Philip Securities Pte Ltd.