It will continue to lease 61% of the premises.
CWT Commodity Hub, located at 24 Penjuru Road, Singapore, will be converted from a master lease to a multi-tenancy lease structure, Cache Logistics Trust said in an announcement.
Cache CEO Daniel Cerf noted that the property has achieved a committed occupancy of 86% beyond the expiry of the master lease with CWT Pte. Limited (CWT). "CWT will continue to lease approximately 61% of the premises, reflecting the strong underlying commitment by our Sponsor for quality warehouse space at the property. Together with the existing end-users who have committed to leases directly with Cache, the retention rate is 86% , including leases secured through joint marketing efforts with CWT,” he added.
Cerf also noted that the hub has an end-user base of multi-national third-party logistics service providers and businesses such as CWT, LF Asia (Singapore) Pte Ltd, DKSH (Singapore) Pte Ltd and F&N Foods Pte Ltd, amongst others. "CWT Commodity Hub, strategically located in the Penjuru area in Jurong Industrial Estate, is one of the largest ramp-up logistics warehouses in Singapore. With an average floor plate of approximately 448,000 sqft, ceiling height of up to 10 metres, and an average of 70 loading bays per floor – all of which provide users greater operational efficiency," hesaid.
According to Cerf, including the committed leases at CWT Commodity Hub, Cache’s portfolio committed occupancy stood at 92.8% as at 12 April 2018, above the island-wide occupancy of 89.1%. "Since 2014, Cache has maintained a healthy committed occupancy averaging 96.4% for the Singapore portfolio, a testament to its quality portfolio and the Manager’s proactive lease management strategy,” he added.
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