Cambridge Industrial Trust, through RBC Investor Services Trust Singapore Ltd., has signed an option to sell a Singapore property for S$22.1 million.
The five-story light industrial building located at the junction of Ubi Avenue 3 and Ubi Road 3 comes with a a gross floor area of approximately 141,135 square feet and a remaining 39-year land tenure.
Proceeds from the sale will be used to repay debt, for acquisition opportunities, asset enhancement initiatives and working capital purposes.
The sale is in line with Cambridge Industrial Trust's 2016 strategy to divest noncore properties and recycle capital for flexibility and better returns.
As of Jan. 20, US$1 was equivalent to S$1.43.