Overview of Portfolio
At a Glance
Strategically-Located Portfolio of Properties
Cache has properties in major logistics clusters in Singapore - the Airport Logistics Park Singapore ("ALPS"), Changi International LogisPark (South), Penjuru/Pandan area in the Jurong Industrial Estate, Changi International LogisPark (North) and Shanghai, China.
- Over 90% of aggregate gross floor area ("GFA") comprises modern ramp-up warehouses which represents a major market share of all ramp-up warehouses in Singapore;
- Portfolio is 100% occupied with long term triple net master leases and multi-tenanted leases. Master leases have locked-in rental escalation of between 1.5% - 2.0% p.a.;
- Weighted average lease expiry ("WALE") of 4.65 years 4.
- An average age (by total GFA) of the properties of 4.6 years, as at 31 December 2011;
- Properties are strategically located in established logistics clusters near Changi Airport, PSA Terminals, Jurong Port and Shanghai Chemical Industrial Park;
- GFA of approximately 4.3 million sq ft, as at 31 December 2011;
- Properties include CWT Commodity Hub, which is the largest warehouse space in Singapore, and CWT Cold Hub, which is the first and only ramp-up cold storage warehouse in Singapore;
Singapore
China, Shanghai
| Property | Ramp-Up Feature |
Location | GFA (sq ft) | Valuation | Contracted Lease Term |
|
| SINGAPORE | ||||||
 |
CWT Commodity Hub |
 |
24 Penjuru Road | 2,295,927 1 | S$346.9m 5 |
5-10 2 years |
 |
CWT Cold Hub | |
2 Fishery Port Road |
341,944 | S$139.6m 5 | 5 years |
 |
Schenker Megahub | |
51 ALPS Avenue |
439,956 | S$104.5m 5 | Over 6 years, expiring on 31 Aug 2016 |
 |
Hi-Speed Logistics Centre |
|
40 ALPS Avenue | 308,626 | S$73.3m 5 | Over 6 years, expiring on 15 Oct 2016 |
 |
C&P Changi Districentre |
|
5 Changi South Lane |
364,278 | S$87.3m 5 | 5 years |
 |
C&P Changi Districentre 2 |
Cargo lift | 3 Changi South Street 3 |
111,359 | S$20.7m 5 | 5 years |
 |
APC Districentre | |
6 Changi North Way | 176,955 | S$32.2m 6 | Average 3.18 years 3 |
 |
Kim Heng Tubulars | Single storey | 4 Penjuru Lane | 54,449 | S$9.4m 6 | 3 years |
 |
Air Market Logistics Centre |
Cargo lift | 22 Loyang Lane |
63,290 |
S$13.0m 7 | 5 years |
| CHINA - SHANGHAI | ||||||
 |
Jinshan Chemical Warehouse |
Single storey | 288 Gongchuang Road, Jinshan District | 145,815 |
RMB 77.2m 8 (approx. S$15.9m) |
3 years |
| Total/Average | 4,302,598 |
S$842.8m |
5.0 4 years | |||
1 Does not include container yard area of 103,793 sq ft which forms part of CWT Commodity Hub that will be acquired by Cache.
2 This represents the lease terms of the Master Lease for CWT Commodity Hub and the CWT Commodity Hub Individual Lease Agreements which will be entered into in connection with CWT Commodity Hub in the event that the Master Lease Agreement for CWT Commodity Hub is not renewed at the expiry of its initial five-year term. The terms of the CWT Commodity Hub Individual Lease Agreements, which will commence at the expiration of the initial Master Lease term, will range from one to five years. Cache may agree and sign extensions of either the Master Lease or individual leases, as the case may be, beyond the expiry date of the initial lease terms.
3 Multi-tenanted with various tenancy expiry.
4 Weighted by total GFA as at 31 Decemeber 2011.
5 Valuation as at 31 December 2011.
6 Valuation as at 31 December 2011.
7 Valuation as at 31 December 2011.
8 Average valuation of property asset.
High Quality Logistics Property Portfolio with Strong Market Share of Ramp-Up Warehouses in Singapore
- Over 90% of the overall Portfolio's GFA comprises modern ramp-up warehouses. Ramp-up warehouses offer lower operating expenses and efficiency advantages in the movement of cargo and are more resilient in terms of rental rates and occupancy.
- High barriers to entry exist for the development of new efficient ramp-up warehouses due to the requirement for larger land plot sizes in excess of one hectare and the specialised planning and design specifications required for such properties.
- Strategically located in established logistics clusters, near air and sea transportation ports, the Trust's modern properties translate into lower capital and maintenance expenditure in the near term.
Strong and Diverse Demand for the Trust's Properties by Underlying End-Users
- High underlying occupancy by end-users, majority of which are multinational corporations.
- The end-users are also diversified by trade sectors such as industrial and commercial goods, commodities and chemical sectors, food and cold storage, aerospace, healthcare, courier services and hospitality.
- High percentage of the Occupied GFA is occupied by end-users that have committed capital expenditure on the fit-out of their space.
Predominately Long Term Triple Net Leases
Master Leases provide for long lease durations with locked-in rental escalations and a triple net lease structure of the initial contracted leased term. The triple net lease structure means that ongoing property expenses are borne by the Master Lessees and not Cache. The Manager believes that Unitholders will benefit from the predictable growth in cash flows arising from the Master Lease Agreements.