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Post Info TOPIC: Cambridge REIT
KK


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Cambridge REIT
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SINGAPORE (XFN-ASIA) - CWT Distribution Ltd said late last night that it plans to invest in a real estate investment trust (REIT) proposed by Cambridge Real Estate Investment Management Pte Ltd (CREIM).

CWT said it, and unit Jurong Districentre Ltd entered into a conditional call option agreement with CREIM on the sale and leaseback of two industrial properties, namely CWT Distripark valued at 96 mln sgd and Jurong Districentre worth 49 mln sgd.

CREIM is expected to pay for the properties through a combination of cash of 110 mln sgd and 35 mln sgd worth of units in the proposed REIT embodied in a subscription agreement CWT has entered with CREIM.

The units to be issued to CWT will translate into a 21 pct equity in Cambridge Industrial Trust Management Pte Ltd, the management company of the proposed REIT.

CREIM is currently building a portfolio of industrial properties, make it into a REIT to be established and listed on the Singapore Exchange.


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KK


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Tuesday October 4, 9:56 AM


Singapore's CWT To Take Part In Proposed Industrial REIT


SINGAPORE (Dow Jones)--CWT Distribution Ltd. (C14.SG) said late Monday it has sold two properties to Cambridge Real Estate Investment Management Pte. Ltd., or CREIM, for S$145 million ahead of CREIM's plan to list an industrial real-estate investment trust in Singapore.


CWT, a Singapore-based logistics company, also said it will buy a 21% stake in Cambridge Industrial Trust, which is the company set up by CREIM to manage the proposed REIT. CWT didn't say how much the investment in Cambridge Industrial Trust will cost.


CWT and its unit, Jurong Districentre Pte. Ltd., will lease CWT Distripark and Jurong Districentre, which are the two properties sold to the proposed REIT, for a period of eight years.


CWT said it will realize a one-time gain of about S$51.1 million based on the two properties' aggregate net book value of S$80.8 million as of Dec. 31, 2004, after accounting for relevant costs and net of minority interests.


In a separate statement Tuesday, CREIM said its deal with CWT follows similar property-purchase agreements with four other listed companies, Brilliant Manufacturing Ltd. (B01.SG), CSE Global Ltd. (544.SG), CSC Holdings Ltd. (C06.SG) and Hersing Corporation Ltd. (H28.SG).



-- Edited by KK at 10:34, 2005-10-04

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