Cambridge – SGX

CIT ACQUIRES 120 PIONEER ROAD AND 7 UBI CLOSE FOR A TOTAL OF S$47.0 MILLION

1. Cambridge Industrial Trust Management Limited (the “Manager”), the Manager of Cambridge Industrial Trust (“CIT”), has identified 120 Pioneer Road and 7 Ubi Close (the “Properties”) to be acquired by CIT at a purchase price of S$26,500,000 and
S$20,500,000 respectively (the “Acquisitions”).

2. In connection with the Acquisitions, RBC Dexia Trust Services Singapore Limited, as trustee of CIT (the “Trustee”), has entered into separate conditional put and call option agreements (the “Option Agreements”) with Compact Metal Industries Ltd (“Compact”), a SGX-listed company and Group Exklusiv Pte Ltd (“Group Exklusiv”) respectively, to acquire the two Properties.

3. The acquisitions are expected to be financed by debt or alternative funding sources in line with the Manager’s capital management strategy in optimizing the funding of the Trust. The above Property will be accretive to CIT’s distributable income.

4. Information On The Properties (Extracts)

120 Pioneer Road
– Purchase Price : S$26.5 million
– Leasehold estate of 30 years + 28 years wef 16 Feb1997
– Lease term : 7 years with 5% rental escalations on the commencement of the third
and fifth year.
– DPU Impact : +0.0557 cents

7 Ubi Close
– Purchase Price : S$20.5 million
– Leasehold estate of 30 years wef 1 Aug 1994
– Lease term : 7 years with 5% rental escalations on the commencement of the third
and fifth year.
– DPU Impact : +0.1687 cents

Note : DPU Impact is based on simple annualisation on the audited results for the financial period ended 31 December 2006 and the assumption that CIT had purchased, held and operated the respective property for the same annualised period based on long term gearing ratio of 40%.

Source : SGX