On 11th April 2016, Cambridge Industrial Trust announced the plans to divest 23 Tuas Avenue 10 for S$16.5 million. The original price that Cambridge Industrial Trust bought the asset was S$8.55 million. This represents a gain of almost double the original price.
The proceeds from the divestment will be used to pare down debt and gearing (current 36.9%), and provide funds for potential growth opportunities locally and overseas.
Cambridge Industrial Trust Management Limited has indicated their strategy for FY2016 are
- Divestment of non-core assets
- Asset enhancement initiatives for existing assets
- Repaying debt and reducing gearing
- Acquisition of quality assets both locally and overseas