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
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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 the phone on Monday morning.
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