Cache Logistics Trust to divest Changi warehouse for S$25.5 million
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CACHE Logistics Trust on Monday said that it has signed a deal with Agility International Logistics for the proposed divestment of Cache Changi Districentre 3 for S$25.5 million.
This price is in line with the independent valuation by CBRE on Nov 30, 2016.
Cache Changi Districentre 3 is located in the Changi International LogisPark (North) and has a remaining land lease of about 17 years.
The property is a multi-tenanted, two-storey ramp-up warehouse with mezzanine ancillary office space and has a gross floor area of about 177,000 square feet.
Agility, currently a tenant within the property, is an integrated logistics providers with more than 22,000 employees and operations in 100 countries.
Daniel Cerf, CEO of the manager, said: "The proposed sale of Cache Changi Districentre 3, having a relatively short remaining land lease, is part of our portfolio rebalancing strategy to prudently manage and recycle capital into higher performing assets."
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The sale proceeds will be used to reduce existing debt and fund new acquisitions, working capital or distributions to unitholders.
The stock closed unchanged at S$0.815 on Monday.
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