Cambridge – SGX

COMPLETION OF THE ACQUISITION OF 28 SENOKO DRIVE AND DP COMPUTERS BUILDING LOCATED AT 128 JOO SENG ROAD FOR A TOTAL SUM OF S$22.0 MILLION.

1. Cambridge Industrial Trust Management Limited (the “Manager”), the Manager of Cambridge Industrial Trust (“CIT”), is pleased to announce the completion of the acquisition of two properties with a combined acquisition value of S$22.0 million. 28 Senoko Drive, Singapore 758214 was acquired at a purchase price of S$12.0 million while DP Computers Building located at 128 Joo Seng Road, Singapore 368356 (collectively known as the “Properties”) was acquired for S$10.0 million on 25 June 2007.

2. On 25 June 2007, RBC Dexia Trust Services Singapore Limited as trustee of CIT (the “Trustee”) exercised the put and call option agreement dated 25 April 2007 with Tat Seng Packaging Group Ltd (“Tat Seng”) for the purchase of 28 Senoko Drive. On the same day, the put and call option agreement dated 9 April 2007 (collectively known as the “Option Agreements”) with DP Computers Pte Ltd (“DP”) was also exercised by the Trustee for DP Computers Building.

3. Pursuant to the exercise of the respective Option Agreements, the Trustee signed and completed the sale and purchase agreements for the two Properties respectively.

4. The purchase price and other acquisition-related costs of the Properties are fully funded by debt.

5. 28 Senoko Drive – Located along Senoko Drive, the Property is a single-storey industrial cum warehouse facility with a four-storey ancillary office building. It has a gross floor area of 14,803.0 sq m, and is built on a land area of 20,070.9 sq m. The land has a leasehold title of 30 years commencing from 16 December 1979 with an option for further term of 30 years. The Property will be leased back to Tat Seng for 15 years with an option to renew for a further term of 5 years upon the completion of the sale and purchase. The rent escalation of 7% will commence at the beginning of the fourth, seventh, tenth and thirteenth years.

DP Computers Building – Located at the junction of Joo Seng Road and Kampong Ampat, the Property is a seven–storey light industrial building. It has a gross floor area of 8,626.0 sq m occupying a land area of 3,458.4 sq m. The land has a leasehold title of 30 years with effect from 1 May 1992 with an option for a further term of 30 years. DP and Seng Huat Packaging Pte Ltd will jointly leaseback the Property for 7 years with an option to renew for a further term of 3 years. The rent escalation of 5% will commence at the beginning of the third and fifth years.

Source : SGX