CIT completes acquisition of Teban Gardens building from EuroSports

CAMBRIDGE Industrial Trust (CIT) has completed its acquisition of the three-storey industrial building at 30 Teban Gardens Crescent from EuroSports Auto, a wholly owned subsidiary of luxury cars distributor EuroSports Global, for $41 million.

EuroSports Global, in a separate announcement, proposed a one-time special dividend of $6-8 million for the financial year ending March 31, 2015, to be funded solely by sale proceeds from the deal, subject to shareholders' approval.

Based on a share capital of 265 million shares and the closing share price of 22 Singapore cents on Monday, this translates to a dividend of 2.26-3.02 cents, representing a yield of more than 10 per cent per share, EuroSports Global said.