UPDATE: Cache Logistics Trust lands major tenant for Commodity Hub property

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This article was originally published on Tuesday, 3 September 2019 at 18:16 SGT; it has since been updated to include a comment from the REIT’s manager.

Cache Logistics Trust obtained a Singapore-based global technology, defence and engineering company as a major new tenant for its Commodity Hub property, the REIT said in a filing to SGX Tuesday.

The new tenant will take up more than 300,000 square feet of space at the Commodity Hub property, located at 24 Penjuru Road, the filing said.

CWT Pte. has been a tenant at the property; the company’s parent, Hong Kong-based CWT International, went into default on a loan in April and CWT Pte. was considered security for the loan.

ARA Trust Management (Cache), the REIT’s manager, told Shenton Wire via email Wednesday that part of the new tenant’s space had been occupied by CWT.

The new tenant will become one of the trust’s top 10 tenants by portfolio gross revenue, Cache said.

Mr. Daniel Cerf, Chief Executive Officer of the Manager, said:

“Our successful marketing and leasing efforts continue to reflect our determination to maintain high occupancy. At the same time, we are very pleased that Commodity Hub continues to stand out as a quality offering in a good location,” Daniel Cerf, CEO of the REIT’s manager, said in the statement.

Cerf added the new lease deal brings the portfolio’s committed occupancy to 93.2 percent, with 1.11 million square feet of leases and renewals so far this year.

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