Channel News Asia - August 27, 2007
MacarthurCook Industrial REIT has made its first acquisition since listing on the Singapore Exchange. It is buying a business park complex in Jurong East from Eurochem Corporation for S$91 million ($61 million) in a sale and leaseback arrangement.
The acquisition, funded fully by debt, will increase the size of MacarthurCook's portfolio to S$407 million. Eurochem will sign a lease for 10 years with an option to extend for another five years. The lease will start from the date of completion, which is scheduled for December 2009.
Eurochem is a Singapore-based company operating in the petrochemical sector.
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