CIT COMMENCES EVICTION ACTION AGAINST OLIVINE MAGNETICS

Cambridge Industrial Trust Management (“CITM”), the manager of Cambridge Industrial Trust (“CIT”), on legal advice today commenced proceedings to evict Olivine Magnetics Pte Ltd (“Olivine”) from premises owned by CIT at 130 Joo Seng Road (“the Property”).

An on-demand bank guarantee held as a rental deposit in relation to the Property has already been called. CITM does not expect the eviction proceedings to have a material impact on the earnings of CIT. CIT intends to commence re-tenanting the property when eviction proceedings are complete; in particular CIT intends to commence negotiations with Olivine’s existing subtenants in the Property as soon as practicable.

On completion of the eviction proceedings, CIT’s occupancy across its portfolio will be 98.3%.