SINGAPORE - Cache Logistics Trust will convert its CWT Commodity Hub property from a master lease to a multi-tenancy lease structure from Thursday (April 12), said the Reit's manager.
The CWT Commodity Hub, located at 24 Penjuru Road withinthe Jurong Industrial Estate, is a ramp-up logistics warehouse with an average floor plate of approximately 448,000 square feet, ceiling height of up to 10 metres, and an average of 70 loading bays per floor.
Daniel Cerf, the chief executive officer of the Reit manager, said that CWT, which provides logistics services and is the Reit's sponsor, will continue to lease approximately 61 per cent of the premises.
Mr Cerf said: "Together with the existing end-users who have committed to leases directly with Cache, the retention rate per lettable area is 86 per cent, including leases secured through joint marketing efforts with CWT."
"Demand for space at CWT Commodity Hub continues to be underpinned by a diverse tenant and end-user base of multi-national third-party logistics service providers and businesses such as CWT, LF Asia (Singapore), DKSH (Singapore) and F&N Foods, amongst others," he added.
Including the committed leases at CWT Commodity Hub, Cache's portfolio committed occupancy stood at 92.8 per cent as of Thursday. Since 2014, Cache has maintained a committed occupancy averaging 96.4 per cent for its Singapore portfolio. The weighted average lease to expiry of the Reit's portfolio stood at 3.5 years as at Thursday.
Cache Logistics Trust shares ended S$0.01 or 1.2 per cent higher at S$0.845 on Wednesday.