Cambridge was listed on 25-Jul-06 and the 6mths lock-up period expired recently. The selling by the original shareholders hv begun. Fm SGX annoucements,


1.Date of notice to issuer *29-01-2007  
2.Name of Substantial Shareholder *Brilliant Manufacturing Limited 

1.Date of change of Interest26-01-2007  
2.The change in the percentage level From 6.08 % To 5.59 %
3.Circumstance(s) giving rise to the interest or change in interest # Others   
# Please specify detailsSales in open market. 
4.A statement of whether the change in the percentage level is the result of a transaction or a series of transactions: The change in the percentage level is the result of a series of transactions that occurred between 25 January 2007 and 26 January 2007.  
 
No. of shares held before the change 31,155,883  5,647,060  
As a percentage of issued share capital 6.08 % 1.10 %
No. of shares held after the change 28,655,883  5,647,060  
As a percentage of issued share capital 5.59 % 1.10 %



1.Date of notice to issuer *29-01-2007  
2.Name of Director *Liao Chung Lik 

1.Date of change of Interest 26-01-2007  
2.Name of Registered Holder Liao Chung Lik  
3.Circumstance(s) giving rise to the interest or change in interest # Others   
# Please specify details Sales in open market at own discretion. Please see footnotes below. 

No. of shares held before the change 500,000  80,000  
As a percentage of issued share capital 0.0976 % 0.0156 %
No. of shares held after the change 394,000  0  
As a percentage of issued share capital 0.0769 % 0 %


My Comments - On-going takeover offer for Brilliant by Nidec (Japanese co.). As of 26-Jan, 85.97% hv accepted their offer. It looks like Nidec is going to get Brilliant at a slightly lower price by selling off their stake in Cambridge at a good profit!

-- Edited by KK at 23:37, 2007-01-29

Extracts fm UBS report dated 19-Jan-07,

Undervalued S-REIT industrial play

�� Initiate coverage of Cambridge Industrial Trust

Cambridge Industrial Trust (CIT), an industrial and logistics-focused REIT, was listed in July 2006 with an initial portfolio of 27 Singapore properties worth S$530m. CIT is a joint venture of CWT, Cambridge Real Estate Investment Management (CREIM), and Mitsui.

�� Significant growth story

We believe CIT's acquisition growth story is underpinned by its sponsor's asset pipeline and business networks. It has been granted first look and last refusal on CWT's assets for three years. CWT expects to have a pipeline of 1.23m sf of warehousing space in the next 18 months. CIT also capitalises on Mitsui's extensive network of Japanese companies in Singapore for sale-and-leaseback opportunities.

�� Action: initiate with a Buy 2 rating

We believe continued progress on delivering acquisition upside, despite not having a developer sponsor, will inject market confidence into the REIT as an 'acquisition upside' play.

�� Valuation: one-year forward DCF PT of S$1.00

Our DCF valuation is S$0.99 with our one-year forward DCF-based price target at S$1.00. At current prices, CIT's 2007 estimated DPU yield is 6.7% (+370bp spread to bonds but a 119% payout ratio)—the highest among Singapore REITs that we cover.

NEWS RELEASE

Cambridge Industrial Trust acquires part of 63 Hillview Avenue for S$72.2 million

26 December 2006, Singapore – Cambridge Industrial Trust ("CIT") announced that it has signed a put and call agreement to acquire part of 63 Hillview Avenue (the "Property") for S$72.2 million.

The acquisition which is funded entirely by the existing debt facility, will be accretive to CIT’s distributable income. The incremental Distribution Per Unit ("DPU") will be 0.22 cents.

General Description of the Property

The Property comprises 97 strata units within Lam Soon Industrial Building, representing approximately 69.4% of the total share values. This 10-storey Property is easily accessible via the Pan Island Expressway and Bukit Timah Expressway, and has carpark lots on the first and sixth storeys. The building was completed circa 1987 on freehold land.

Upon completion of the Sale and Purchase, Lam Soon Realty Private Limited ("Lam Soon") will leaseback the Property for 7 years, with rental escalation of 5% in Year 3 and Year 5. Lam Soon will bear the cost of property tax and maintenance of the Property.

Benefits and rationale of the Acquisition

The Property is strategically located and this acquisition is expected to be DPU accretive. Growth will be generated through built-in stepped rental increments. Being a freehold Property, the acquisition will enhance the overall CIT portfolio of properties.

"This is our second and most significant acquisition since CIT’s listing on 25 July 2006. Lam Soon Industrial Building is strategically located and sits on prime freehold land coupled with good building specifications. This acquisition will further enhance the overall composition of CIT’s portfolio of properties. We remain deeply committed to pursue and accelerate the acquisition of DPU-accretive and good investment grade industrial properties that will benefit our Unitholders." said Mr Wilson Ang, Deputy Chief Executive Officer of the Manager.

Extracts fm SGX Announcement dated 18- Dec-06,

Cambridge Industrial Trust acquires 361 Ubi Road 3 for S$18.0 million

18 December 2006, Singapore – Cambridge Industrial Trust ("CIT") announced that it has signed a put and call agreement to acquire 361 Ubi Road 3 (the "Property") for S$18.0 million.

The acquisition which is funded entirely by the existing debt facility, will be accretive to CIT’s distributable income. The incremental Distribution Per Unit ("DPU") will be 0.07 cents.

 

Extracts fm another SGX Announcement,

6 METHOD OF FINANCING AND THE FINANCIAL EFFECTS OF THE ACQUISITION

The Acquisition is expected to be completed by the first quarter of Year 2007, subject to fulfilment of the Conditions Precedent. CIT has adequate debt capacity to fund the Acquisition. Standard & Poor's International, LLC assigned to CIT a long term corporate credit rating of 'BBB-' on 3 July 2006. Based on 100% debt financing, CIT’s gearing as at 30 September 2006 would have increased from 36.7% to 38.9% if the Acquisition were completed before 30 September 2006.

The net profits attributable to the Property would give rise to an incremental DPU of +0.07 cent1, based on simple annualization on the Third Quarter Results and the assumption that CIT had purchased, held and operated the Property for the same annualized period, barring any unforeseen circumstances. Using the same assumption and the volume weighted average traded price of S$0.7215 per unit transacted on 15 December 2006, CIT’s annualized distribution yield for 2006 would increase from 7.48% to 7.58% based on the number of 511,454,554 units in issue as at 30 September 2006, and would increase to 7.57% based on the number of 512,152,884 units in issue as at 15 December 2006 (inclusive of 698,330 units issued in November 2006 forming part of the Manager’s fees).

-- Edited by KK at 01:17, 2006-12-19

BT, Published October 27, 2006


Cambridge trust's income 8.4% above forecast

CAMBRIDGE Industrial Trust (CIT), which was listed in July, yesterday announced that its distributable income between July 25 and Sept 30 came to $5.1 million, exceeding its own forecast by 8.4 per cent. A higher amount of 1.006 cents per unit is thus available for distribution to unitholders, 11.4 per cent above the forecast. Trust manager CIT Management Ltd said the total income of $5.1 million represents an annualised yield of 8.06 per cent, based on the closing price of 67 cents per unit on Sept 29.

CIT, it said, is on track to deliver the forecast distribution per unit (DPU) as stated in its prospectus on July 14.

Wilson Ang, deputy chief executive officer of CIT Management Ltd, said: 'Growth from new acquisitions is expected to improve the DPU for existing unitholders in the first quarter of 2007 when the rental stream from the first bundle of acquisitions starts to kick in.' CIT has entered into agreements to buy a total of $125 million worth of properties between July and September this year. These will be funded by debts as there is a moratorium against new equity issues for six months from the listing date of July 25.

CIT has 27 properties with 426,725 sq m of lettable area, valued at $515.2 million. The weighted average land lease on these properties is 41 years. As at Sept 30, CIT enjoyed 100 per cent occupancy for its properties. The weighted average full lease term of CIT's portfolio is 7.9 years.

Yesterday, CIT shares ended unchanged at 65 cents.

Extracted from Cambridge Reit PRESS RELEASE

CIT to distribute 1.006 cents per unit exceeding forecast by 11.4%.

CIT signs S$125 million worth of MOUs to date.

Highlights:
• Distribution per unit (DPU) of 1.006 cents is 11.4% higher than the forecast DPU of 0.903 cents for the period ended 30 September 2006.
• Net Property Income of S$6.9 million exceeds IPO forecast by 3.3%, total Distributable Income to Unitholders exceeds forecast by 8.4%, giving DPU of 1.006 cents for the period from the listing date of 25 July 2006 (1) to 30 September 2006.
• CIT is on track to deliver the forecast DPU as stated in its Prospectus dated 14 July 2006.

Singapore, 26 October 2006 – The Board of Directors of Cambridge Industrial Trust Management Ltd. (CITM), the Manager of Cambridge Industrial Trust (CIT), is pleased to announce that 1.006 cents per unit is available for distribution based on distributable income generated during the period from the listing date of 25 July 2006 to 30 September 2006, an increase of 11.4% over the forecast.

Mr Wilson Ang, Deputy Chief Executive Officer of the Manager, said, “We are on track with our first distribution for the period ended 30 September 2006. Our aim is to deliver a stable and secure return to our unitholders, and sustain growth through acquisitions. Stability of distributions is secured by the defensive characteristic of our portfolio and rental structure. Growth from new acquisitions is expected to improve the DPU for existing unitholders in the first quarter of 2007 when the rental stream from the first bundle of acquisitions starts to kick in”.
Stable and Secure Yield

CIT’s total net income available for distribution was S$5.1 million. This represents an annualized yield of 8.06% based on the closing price of S$0.67 per unit on 29 September 2006. The rental income is protected by security deposits averaging 14 months, which is almost double that of the industry standard.

Property Portfolio

As at 30 September 2006, CIT has a portfolio of 27 properties with 426,725.2 sq m of lettable area valued at S$515.2 million. The weighted average land lease on these properties is 41 years. Approximately half of the initial portfolio of properties is in the logistics and warehousing sector, with the next significant segment in the Light Industrial space accounting for 20%; the remaining properties are represented across a well-diversified spectrum of tenant uses such as car showrooms, self-storage facilities as well as industrial and warehousing.

Full Occupancy Backed by Strong Demand

The overall occupancy of CIT’s portfolio of 27 properties remained at 100% as at 30 September 2006. Half of CIT’s property portfolio is in the high-growth logistics and warehousing sector, and 20% is in the light industrial space for which demand remains strong and is likely to improve for quasi-office usage from the current rental pressure on prime office space in the Central Business District. The weighted average full lease term of CIT’s portfolio remained stable at 7.9 years.

Acquisition Pipe-line

In the quarter under review, CIT has entered into several Memorandum of Understanding (MOU) agreements for the acquisition of properties with a total value of approximately S$125 million. If successfully concluded, the legal completion for the acquisition of these properties is expected before the end of 1st quarter 2007.
Capital Management

CIT has fixed its interest rate exposure by entering into a 12-month interest rate swap on 94.9% of the outstanding borrowings as of 30 September 2006.
The current bridging loan facility of S$400 million is expected to be replaced by a Variable Funding Note (VFN) structure.

In the short-term, acquisitions would be entirely debt-funded with the current moratorium on new equity issues for 6 months from the listing date of 25 July 2006. An equity raising exercise to fund future acquisitions is expected in the first quarter of 2007 on the expiry of this moratorium.

Outlook for the Rest of 2006

Official figures from the Ministry of Trade & Industry (MTI) indicate Singapore’s economy has performed well in the 3rd quarter of 2006 with a GDP growth of 7.1%, and the whole year is likely to cap off at 6.5% to 7.5%. On a quarter-to-quarter seasonally adjusted annualised basis, real GDP grew by 6.0% compared to the previous quarter’s 3.4%, helped by the manufacturing sector which experienced a 10.0% increase over the 3rd quarter of 2005 on rising demand in the precision engineering and transport engineering clusters.

The industrial property market continues to show signs of improvement in rental rates; the URA All Industrial Rental Index has reflected an upturn from an all time low of 69.2 in the 1st quarter of 2004 to 74.8 in the 2nd quarter of 2006. This is a long way off the last peak in the 3rd quarter of 1998 at 107.5.

According to the 3rd quarter report issued by Colliers International (Colliers), the demand drivers for industrial space remained strong. New supply of industrial space estimated at three million sq ft is expected to come on stream in the 4th quarter of 2006. Although this represents a 42.9% increase in new completions over the 3rd quarter of 2006’s estimated new completion, a large percentage of this new supply has been pre-committed and hence, is not expected to derail the recovery in industrial rents. Colliers also reported that demand for industrial space will continue to grow particularly in the manufacturing and research & development industries.
With the positive outlook of Singapore’s economy vis-à-vis continued growth in the properties market and the industrial property sector, CIT is on track to deliver the forecast distribution per unit as stated in the Prospectus.

-- Edited by tfwee at 18:30, 2006-10-27

BT, Published September 11, 2006

Cambridge gets access to Mitsui assets in region

More opportunities for sale and leaseback with Japanese firms

THE investment in Cambridge Industrial Trust (CIT) by Mitsui & Co - one of Japan's giant trading houses - will provide the Singapore real estate investment trust (Reit) with access to a pipeline of Mitsui and other Japanese assets here and in the region, says Tetsuya Karasawa, newly appointed executive director of Cambridge Industrial Trust Management (CITM), the manager of CIT.

The investment - Mitsui's first in a Reit outside Japan - is also one of the first investments by a Japanese company in an overseas Reit. Mitsui took a 20 per cent stake in CITM just before CIT's IPO earlier this year. Mr Karasawa and Takayuki Kawashima, who was appointed non-executive director, represent Mitsui on the board of CITM.

CIT was established with the objective of investing in income-producing real estate and related assets used mainly for industrial purposes. Its initial portfolio of 27 properties in Singapore has a total appraised value of $519 million. It relaunched its IPO in July with a higher yield of 7.7 per cent, after poor market conditions held back its initial listing plans in June.

Apart from Mitsui, listed Singapore logistics services firm CWT also has a 20 per cent stake in CITM.

Mitsui is no stranger to Singapore, having opened an office here in 1891. After listing Japan's first logistics Reit, the Japan Logistics Fund, in 2005, Mitsui was keen to explore opportunities in the region. 'We were looking for opportunities to join the Singapore Reit market,' Mr Karasawa told BT. 'We talked to several Reit players but we found Cambridge to be most suitable for Mitsui. It focuses on logistic and industrial assets. Mitsui is a trading firm and it is easier for us to contribute to its growth.'

Mitsui is expected to contribute its expertise gained from managing the Japan Logistics Fund to the running of CIT - Mr Karasawa will be actively involved in management - as well as source for opportunities for acquisitions and tenancies from its own business network in Singapore and the region. He said there are growing opportunities for sale and leaseback deals with Japanese corporations. 'Companies are thinking asset-light, Japanese companies included. And Japanese companies have a big business presence here and own high-quality assets,' he noted.

Mitsui group assets will form part of the potential deal pipeline for CIT. There are 26 Mitsui group companies in Singapore alone, including the likes of Mitsui Chemicals and Mitsui OSK. The Mitsui network will also open opportunities outside Singapore. In China, for instance, Mitsui has 20 companies and six joint ventures.

One factor that drew Mitsui to CIT is its independence from property developers, Mr Karasawa said. Most Reits in Singapore are linked to major property groups. Elaborating, Leong Weng Chee, CEO of CITM, said: 'Being independent means we look for the best deals in the market and we are not obligated to any developer. Our interests are completely aligned with that of our unit holders. 'We can act much quicker in the market when doing deals. We don't have a parent developer to check with. We can deal with anyone and everybody, and form multiple partnerships because we don't have a parent developer who may have concerns about certain alignments.'

Mr Leong said the pool of industrial assets that CIT can tap in Singapore remains large. 'There is 350 million square feet of industrial space in Singapore. Assuming 40 per cent is Reit-quality, it is still 140 million square feet. Office space is half that, and retail space is half of office space. 'So there is actually much that we can look at. This pool will become more competitive, and at one point, it will dry up. We have to develop a pipeline of overseas assets and look at China, Malaysia or even Thailand.'

Fm SGX Announcement dated 8-Aug-06,

Sabilising Mgr (ABN AMRO) bought 264,000 units @ $0.65 on 8-Aug-06

My Comments : Total to date is 14,614,000 (of 29,000,000)

Fm SGX Announcement dated 4-Aug-06,

Stabilising Mgr (ABN AMRO) bought 932,000 units @ $0.66 to $0.665 on 3-Aug-06

Fm SGX Announcement dated 4-Aug-06,

Stabilising Mgr (ABN AMRO) bought 5,633,000 units @ $0.65 to $0.66 on 4-Aug-06

My Comments : Total to date is 12,360,000 (of 29,000,000)

Fm SGX Announcement dated 1-Aug-06,

Stabilising Mgr (ABN AMRO) bought 1,555,000 units @ $0.675 to $0.68 on 1-Aug-06

Fm SGX Announcement dated 28-Jul-06,

Stabilising Mgr (ABN AMRO) bought 1,058,000 units @ $0.68 on 28-Jul-06

Extracts fm SGX Announcement dated 24-Jul-06,

SUBSCRIPTION FOR UNITS ALLOCATED TO THE PLACEMENT TRANCHE

Further to its announcement on 20 July 2006, the Board of Directors of the Manager is pleased to announce that, at the close of the Offering (as defined in the Prospectus) at 12.00 p.m. on 19 July 2006, all 217,508,000 Units allocated to the Placement Tranche (including the 29,000,000 Units over-allotted by ABN AMRO Rothschild ("AAR") and CLSA Singapore Pte Ltd ("CLSA", and together with AAR, the "Joint Lead Underwriters") in connection with the Over-allotment Option (as defined in the Prospectus)) have been validly subscribed for. Allocations under the Placement Tranche include allocations to individual retail investors such as private banking customers of financial institutions applying through such institutions and individuals applying through brokerage firms.

.

.

The following institutions have been allotted more than 5% of the total number of Units in issue immediately after the Offering (assuming the Over-allotment Option is not exercised):-

 - Legg Mason Asset Management (Asia) Pte Ltd - 29,412,000 (5.9%) 
 - Capital Research and Management Company - 26,470,000 (5.3%) 
 - Coupland Cardiff Asset Management LLP - 25,319,000 (5.1%)

My Comments - Looks like they hv activated the over-allotment options and Yield will be 7.5% @ $0.68, unless the Stabilising Mgr manages to buy those over-alloted shares back if the share price shld tumbles.

-- Edited by KK at 23:56, 2006-07-24

Cambridge Industrial Trust launches IPO with 7.7% yield

SINGAPORE: Cambridge Industrial Trust, the latest industrial REIT, has launched its initial public offering of 206,109,000 units on the Singapore Stock Exchange at S$0.68 per unit. At S$0.68 per unit, the annualised distribution yield for the forecast period 2006 is 7.71%. This is the highest yield offered among Singapore-listed REITs, and it hopes that its close working relationship with Japanese property giant Mitsui will provide acquisition opportunities in the region.

A unique feature of the Cambridge Industrial Trust is that it is an independent REIT, which means that it is not directly linked to a property developer or what is known as a sponsor, and the trust manager says there are advantages in such a set-up. "In an independent REIT, you don't have the baggage of someone dictating what you should buy. We are independent from other parties who may have different objectives compared to the objectives of the REIT. So we don't have the baggage of someone telling us what to do but at the same time, being an independent REIT, you are able to form multiple pipelines and multiple alliances with various people," said Chan Wang Kin, MD, Cambridge Industrial Trust.

Cambridge Industrial Trust will be keenly watched because of its very attractive distribution yield when it is listed on July 25th. The trust was originally planning to be listed on June but changed its mind because of weak market conditions. Cambridge Industrial Trust was originally priced at 6.5 percent distribution yield.

Now that it has been re-priced, the trust offers the highest distribution yield of 7.71 percent, 150 to 200 basis points higher than the other two industrial trust, Ascendas REIT and Mapletree Logistics Trust. Excluding possible acquisitions, it says the yield next year will also be at 7.71 percent because the next rental reversions will occur only in 3 years.

On its acquisition pipeline, the trust manager say not being developer-backed will not be a disadvantage. "In the partnership with Mitsui, what we are looking for is a relationship with all the relationships outside of Japan. Mitsui has a REIT in Japan, which does not have a mandate to acquire properties outside of Japan and Mitsui is a huge conglomerate with lots of friends throughout the world. And in the Asia Pacific region, they have Japanese customers who are owners of buildings, clients of buildings," said Finian Tan, Chairman, Cambridge Industrial Trust.

Cambridge Industrial Trust will be the 13th REIT to be listed in Singapore. - CNA /dt

BT, Published July 12, 2006

CIT attempts IPO again with better yield

ABOUT a month after delaying its initial public offering (IPO) because of weak market conditions, Cambridge Industrial Trust (CIT) is hoping to be successful second time around. CIT is going out to the market with an improved initial forecast annualised distribution yield of 7.5-7.71 per cent, depending on whether the overallotment option is exercised. Previously, CIT was offering investors a distribution yield of 6.5-6.57 per cent.

CIT lodged an amended copy of its IPO prospectus with the Monetary Authority of Singapore yesterday. The trust's initial portfolio of properties remains unchanged, comprising 27 properties in Singapore, which are used for industrial and warehousing purposes. CIT will be looking to raise $140 million from an offer of 206.1 million units to institutional and retail investors at an offer price of 68 cents per unit. In total, CIT is looking to raise $206.2 million from the IPO and cornerstone investors this time compared with $290.2 million previously. Borrowings now will be $202.9 million versus $121.2 million previously.

With the amended offering, cornerstone investors will own 19.5 per cent of units post-IPO compared with 40.4 per cent previously. Cornerstone investors include ABN Amro Asset Management, Allianz Global Investors and NTUC Income Insurance Cooperative. Some parties mentioned as cornerstone investors previously, such as Gandhara Advisors Asia and two subsidiaries of Hong Kong's Dah Sing Financial Holdings, are not among the cornerstone investors now. Post-IPO, investing vendors, comprising several parties who sold properties to CIT, will own 39 per cent of the units while retail and institutional investors will own 41.5 per cent. CIT's manager is Cambridge Industrial Trust Management, whose chairman is Finian Tan.

Against a backdrop of uncertainty in global equity markets and higher interest rates, real estate investment trusts (Reits) have been pushing ahead with IPO plans. On Monday, Millennium & Copthorne Hotels, a firm controlled by City Developments, launched the IPO of CDL Hospitality Trusts. Retail Reit Frasers Centrepoint Trust made its trading debut on the Singapore Exchange last week.

With the proliferation of Reits and more competition for acquisition of assets, market players are watching to see how successfully a Reit without a property developer as its sponsor, like CIT, will grow via acquisitions. It will compete with Reits such as Mapletree Logistics Trust and Ascendas Real Estate Investment Trust for acquisitions.