SINGAPORE - Mainboard-listed Cambridge Industrial Trust (CIT) said on Wednesday that it plans to acquire a property within Jurong Industrial Estate for $16.2 million.

The acquisition will be funded by existing debt facilities and cash and is expected to be completed by the second quarter of this year.

The property, 160A Gul Circle, comprises an existing single-storey factory and a newly completed four-storey factory, with a total gross floor area of approximately 86,075 square feet and a remaining land tenure of about 26 years.

Upon completion of the acquisition, the property will be leased for five years to its seller, Unicable, ensuring stability of income.

Said Mr Philip Levinson, CEO of the trust's manager: "This is a strong-yielding and quality asset that will provide a steady income stream and enhance our overall portfolio. The acquisition is in line with CIT's strategy to acquire yield-accretive assets that support our objective of creating sustainable growth and value."