Chan Wang Kin also gives up positions in company and Reit manager.
FORMER CEO of Cambridge Real Estate Investment Management (CREIM) Chan Wang Kin has sold his 28 per cent stake in the company to Singapore-based Oxley Capital Group. Oxley is headed by Michael Dwyer, ex-CEO of Allco (Singapore), which manages Allco Commercial Reit.
CREIM holds a 60 per cent stake in Cambridge Industrial Trust Management (CITM), manager of Singapore’s first independent industrial real estate investment trust, Cambridge Industrial Trust (CIT), which has assets currently valued at about $949.8 million.
A statement released by CREIM yesterday also said that Mr Chan will cease to be a director of the company as well as CITM, and will relinquish his executive position in the Reit manager. No reason was given by CREIM for Mr Chan’s departure. When contacted yesterday, Mr Chan said he could not comment.
Oxley Capital executive chairman Michael Dwyer, who left Allco (Singapore) last July, said: ‘We are really excited about this transaction and look forward to working with the management of CITM going forward.’
Oxley Capital is a private investment house with a focus on real estate and private equity investment.
Welcoming Oxley Capital, CITM CEO Wilson Ang said: ‘We are excited with the new development, particularly in light of the regional networking and value-add that Oxley will bring to this partnership.’
It was also announced that Mr Ang had also sold a 5 per cent stake in CREIM to Oxley Capital.
Last year, CIT’s portfolio grew by $340 million and Mr Ang said it expects this figure to increase in 2008. ‘Our yearly target is $500 million,’ he said.
Some of these acquisitions could be in Singapore. Mr Ang said that it believes there could still be about 96 million sq ft of investment-grade properties here. On possible regional expansion, Mr Ang said that countries it is currently looking at include Malaysia, China and Japan.
CITM counts Japan’s Mitsui & Co as one of its shareholders with its 20 per cent stake. Logistics company CWT holds the remaining 20 per cent.
For the year ended Dec 31, 2007, Cambridge posted distributable income of $35.7 million, which was 31.7 per cent higher than forecast by CITM.
Net property income of $45.8 million was 28.3 per cent above forecast, while gross revenue of $53 million surpassed the forecast by 22.7 per cent.
At the close of trading yesterday, CIT units ended half a cent down at 68.5 cents per unit.
Source : Business Times - 21 Feb 2008
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