CIT sells its 5-storey industrial building along Ubi Avenue

Total consideration sits at $22.1m.

Cambridge Industrial Trust has entered into an agreement with RBC Investor Services Trust Singapore Ltd. for the proposed sale of the remaining leasehold interest in a property located along Ubi Avenue for $22.1m.

The 5-storey industrial building located at the junction of Ubi Avenue 3 and Ubi Road 3 has a gross floor area of approximately 141,135 sq ft. with a remaining land tenure of approximately 39 years.

"The sale proceeds will be used for the repayment of debt, acquisition opportunities, asset enhancement initiatives and for working capital purposes. This divestment is in-line with CIT’s FY2016 business strategy, focused on divestment of non-core properties and recycling capital for greater investment flexibility and better returns," CIT said in an announcement filed at SGX.