Readers might want to do a recapt before continuing: 1. AIMS AMP Capital Industrial REIT: Insights (dated 30 March 2011) 2. AIMS AMP Capital Industrial REIT: Making money (dated 3 July 2012) With phase 1 of 20 Gul Way's re-development completed, the management of AIMS AMP Capital Industrial REIT is going ahead with another re-development. This time it is at 103 Defu Lane 10, a site with a land lease till 2043. It has been disclosed that the re-development will be fully funded by debt. So, upon completion in mid 2014, we can expect DPU accretion. Not only is this the case, the new property will be some $30m higher in value compared to the current property on site. I shan't say too much as readers could look at the presentation slides which are self explanatory: The management of the REIT continues to impress under George Wang's leadership, no doubt. This ......