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Pfizer Asia Pacific

Joint Venture Property Development

In 2012, Oxley and Cambridge Industrial Trust (now ESR REIT) acting as partners established Cambridge SPV1 LLP, a special purpose joint venture to acquire an industrial facility from Pfizer Asia Pacific Pte Ltd.

Located in the Tuas Biomedical Park, a specific cluster designated for biomedical industries by the JTC, the purpose-built 3-storey warehouse, manufacturing and distribution facility has a gross floor area of approximately 316,000 sq ft and is situated on a land area of 643,000 sq ft.

Through a wholesale structure, the current tenancy was secured to Agila Specialties Global Pte Ltd, the specialties division of global pharmaceutical company Strides Arcolab Limited, under a triple net 25 year lease, which resulted in a valuation uplift for the property.

In 2015, Oxley entered into a sale and purchase agreement with Cambridge Industrial Trust, to divest Oxley’s 40% partnership interest in Cambridge SPV1 LLP. The property is currently 100% owned by ESR REIT.