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7 months ago
NAB, Oxley to sell stakes in Cambridge Industrial manager to e-Shang Redwood
January 18, 2017 / 4:28 AM / 7 months ago

NAB, Oxley to sell stakes in Cambridge Industrial manager to e-Shang Redwood

A National Australia Bank (NAB) logo is pictured on an automated teller machine (ATM) in central Sydney September 12, 2014.David Gray/File Photo

SINGAPORE (Reuters) - Warburg Pincus-backed warehouse operator e-Shang Redwood has agreed to buy an 80 percent indirect stake in the manager of Cambridge Industrial Trust (CIT) CMIT.SI from National Australia Bank (NAB.AX) and investment firm Oxley Group.

e-Shang Redwood said the deal would mark its initial foray into Southeast Asia.

NAB holds 56 percent while Oxley holds a 24 percent stake in the manager of CIT, a real estate investment trust that owns assets such as warehouses and logistics properties. Mitsui and Co owns the remaining 20 percent.

The companies did not disclose the deal value.

In October, e-Shang Redwood had entered into an option agreement to buy up to 10.65 percent of CIT, which is valued by the market at about $501 million, from three existing unitholders.

Reporting by Aradhana Aravindan; Editing by Vyas Mohan

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