Cache Logistics Trust converts commodity hub to multi-tenancy lease

Singapore

CACHE Logistics Trust will convert its CWT Commodity Hub property from a master lease to a multi-tenancy lease structure from Thursday, said the Reit's manager.

The CWT Commodity Hub, located at 24 Penjuru Road within the Jurong Industrial Estate, is a ramp-up logistics warehouse. It has an average floor plate of about 448,000 sq ft, ceiling height of up to 10 metres, and an average of 70 loading bays per floor. Daniel Cerf, the chief executive officer of the Reit manager, said that CWT, which provides logistics services and is the Reit's sponsor, will continue to lease approximately 61 per cent of the premises. Mr Cerf said: "Together with the existing end-users who have committed to leases directly with Cache, the retention rate per lettable area is 86 per cent, including leases secured through joint marketing efforts with CWT."