New investors have been lined up to buy stakes in the trust following the move, the source said.
A manager of Cambridge Industrial Trust declined to comment on the matter.
Asia’s once-hot real estate investment trust (REIT) markets have slumped in the last year as the global credit crunch raised expectations that debt refinancing would be difficult and expensive.
Singapore-listed REITs FTFSTAS8737, with a market capitalisation of $19 billion, have fallen 35 percent since a peak a year ago and are now yielding on average 6 percent against 2008 dividend forecasts.
Units in Cambridge have also fallen 35 percent since a peak in late June 2007, and are down 11 percent this year.
Units in the trust were trading at S$0.63 on Thursday afternoon, down 1.56 percent on the day.
In a note to clients on July 9, UBS analyst Alastair Gillespie said “potential rebranding of Cambridge could bring the price closer” to the trust’s net asset value of S$0.76 per unit. (Reporting by Dominic Whiting; editing by Anne Marie Roantree)
