CAMBRIDGE INDUSTRIAL TRUST GRANTED S$100 MILLION TRANSFERABLE REVOLVING CREDIT FACILITY AND AN INTEREST RATE SWAP FACILITY WITH A GROSS LIMIT OF S$470 MILLION BY THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
- Drew & Napier LLC acted as counsel to the Manager of Cambridge Industrial Trust -
13 February 2008 – Drew & Napier LLC (“Drew & Napier”) acted as counsel to the manager and trustee of the Cambridge Industrial Trust (“CIT”) which in the sealing of a S$570 million financing package comprising a S$100 million transferable revolving credit facility and an interest rate swap facility with a gross limit of S$470 million (together, the “Facilities”).
The Facilities which were secured by 6 properties to be provided by the Trustee were granted by Asian banking powerhouse The Hongkong and Shanghai Banking Corporation Limited ( the “Bank”).
CIT is Singapore’s first independent real estate investment trust (“REIT”) and a conduit for investors to Singapore’s high growth industrial sector. CIT was constituted by the Trust Deed entered into on 31 March 2006 between Cambridge Industrial Trust Management Limited as the Manager of CIT and RBC Dexia Trust Services Singapore Limited as the Trustee of CIT. CIT is established with the objective of investing directly or indirectly in income-producing real estate and real estate-related assets mainly for industrial and warehousing purposes. Since its listing on the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 25 July 2006 ( the “Listing Date”) , CIT has an asset portfolio comprising 40 properties valued at S$879.7 million, all of which are currently located in key industrial zones spreading all over Singapore.
The Facilities which is timely is evidence of the strong support the Bank has of the Fund’s potential and will go towards acquisition of additional property assets in the form of real estate or working capital requirements.
The Drew team was led by Mr Petrus Huang, Director of the Banking & Corporate Department, and Ms Lim Chen Chen.
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