Tye Soon and Cambridge REIT: Tye Soon has entered into a conditional Call and Put Option agreement related to a sale and leaseback with Cambridge REIT for $35.5m. The property is located at 3C Toh Guan Rd and is currently Tye Soon's head office and central warehouse. The lease if executed will for 3 yrs with option to renew for a further 3 yrs. This is subject to approvals from Tye Soon's board and relevant authorities as well as due diligence checks. Sale consideration is approx 92% of Tye Soon's mkt cap with net gain of approx $17.8m. Fair value as of 2 Nov 2011 was $31.0m.
Cambridge REIT has an fwd indicative yield of 9.2%
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