SINGAPORE - Cambridge Industrial Trust is acquiring 16 International Business Park for $28 million, the management said in a filing with the Singapore Exchange on Monday.

The three-storey purpose built building has a gross floor area of about 69,258 sq ft and a remaining land tenure of about 41.6 years.

Upon completion of the acquisition, it will be leased back to M+W Singapore for 11.6 years, with options to renew for two consecutive five-year terms, it said.

The acquisition will be partially funded from the proceeds of the Medium Term Note (MTN) issued earlier in December and will have a positive impact on distribution per unit, it said.

The acquisition is expected to be completed by end December this year.