Logistics group CWT stands to realise a gain of US$62.87 million from the sale of one of its biggest warehouse facilities in Singapore.
The company has entered into a conditional agreement with a buyer to sell and lease back its newly-completed Logistics Hub 2 in Tanjong Penjuru.
The purchaser's name was not disclosed but it is a property fund that focuses on the Asia-Pacific region.
The sale price for the warehouse facility proposed transaction is $84.51 million.
Upon completing the sale, CWT will lease back the building for five years with an option for an additional three-year period.
CWT owns two integrated logistics hubs in Tanjong Penjuru, which together provide nearly 850,000 sq ft of warehouse space for handling hazardous materials and chemical goods. Both facilities were launched in March this year.
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Source: cargonewsasia.com
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