Cambridge Industrial Trust acquires Ang Mo Kio property for $39.8m

The property is currently 85% leased.

Cambridge Industrial Trust Management Limited today revealed its proposed acquisition of 12 Ang Mo Kio Street 65 for a purchase consideration of S$39.8 million.

This 6-storey purpose-built light industrial building has a GFA of approximately 16,762 square metres. The property is currently 85% leased.

Situated at the central-northern part of Singapore, the property is easily accessible via the Central Expressway and Seletar Expressway and within 1km from the Yio Chu Kang MRT.

According to CITM CEO Philip Levinson, “We are confident that there is potential for yield increment and capital appreciation once the property achieves full occupancy and through capitalising on the positive rental reversion of existing leases. We anticipate the acquisition will complete by 3Q2014.”