INDUSTRIAL landlord Cambridge Industrial Trust (CIT) has agreed to sell its remaining leasehold interest in a property at 23 Tuas Avenue 10 for S$16.5 million, it said in a Singapore Exchange filing Monday morning.

The four-storey industrial building, which CIT said was a "non-core asset", has a gross floor area of around 102,310 sq ft and a remaining land tenure of "about 40 years".

The proposed sale price was 5 per cent above its book value of S$15.7 million and nearly twice the S$8.55 million that CIT paid for it in 2006, the trust manager said.

It said it would use the proceeds to repay debt, to fund refurbishments and renovations and for potential acquisitions, adding that the completion of the sale was subject to approval by JTC Corporation and was expected to take place in June 2016.

CIT had granted an option to purchase the property to Reliance Products, the existing tenant of the building whose lease would expire on July 24, 2016, it said in the bourse filing.