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CIT sells Tuas property for S$16.5m, mulls more divestments

Other non-core assets of roughly the same size may be sold as CIT seeks to recycle capital and venture Down Under

Singapore

INDUSTRIAL landlord Cambridge Industrial Trust (CIT) has agreed to sell its remaining leasehold interest in a warehouse property at 23 Tuas Avenue 10 for S$16.5 million and may be planning more divestments of assets around this size as it seeks to recycle capital and venture into Australia.

The trust manager has "had a review of the portfolio" and determined that some assets - including this Tuas one - were "non-core", CIT chief executive officer Philip Levinson told The Business Times over...

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