CapitaLand Integrated Commercial Trust (CICT) and its joint venture partners are divesting CapitaSpring’s serviced residence component to unrelated third parties at an agreed property value of S$280 million ($217 million).
CICT currently holds a 45 percent interest in the serviced residence. Estimated net proceeds from the divestment are approximately S$37.8 million ($29.35 million), and the exit yield is approximately 3.6 percent.
The divestment is expected to be completed by the second quarter of 2025.
Tan Choon Siang, CEO of the manager of CICT, said, “We have divested the serviced residence, a noncore asset, at a premium to its last valuation. This reflects our disciplined approach to portfolio reconstitution, enabling us to redeploy capital into more DPU-accretive opportunities and strengthen CICT’s leadership position as the proxy for Singapore commercial real estate. We will continue to seek opportunities to enhance the resilience and quality of
