Indeco Engineers Pte Ltd, a wholly-owned subsidiary of CWT Ltd, has signed a conditional development-and-lease agreement with HSBC Institutional Trust Services (Singapore), a trustee of AIMS AMP Capital Industrial REIT (ACCI REIT).
The S$135 million deal will enable Indeco to design and build a warehouse at Gul Way. Once completed, it will be leased by CWT. Moreover, CWT or its subsidiaries will subscribe, through a private placement, to at least S$2.5 million worth of units at ACCI REIT.
Located in the Jurong Industrial Estate, the development will be carried out in two phases over 28 months. It will include ancilliary offices and warehouses with a total gross floor area (GFA) of 1.16 million sq ft, situated on 828,248 sq ft of land.
The development-and-lease agreement will be funded through loans.
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