Cambridge Industrial Trust will acquire an industrial building in Bukit Merah for about $32.4 million, its manager said on Monday.
The property in 11 Chang Charn Road is a six-storey light industrial building, which also comprises a warehouse. It has a remaining lease of 43 years, and has a gross floor area of 9,062 sq m.
Cambridge Industrial Trust said its manager wanted to acquire the building from Shriro Property because of its potential for rental gains and capital appreciation.
Shriro will continue to lease part of the building, while the remaining leases will be assigned to the trust when completed.