Singapore’s first and largest commercial real estate investment trust, CapitaLand Integrated Commercial Trust (CICT), has agreed to acquire a 100 percent interest in Paragon, a premier freehold integrated development along Orchard Road comprising retail, office and medical suites, for an agreed property value of S$3.9 billion ($2.3 billion) from Cuscaden Peak. The proposed acquisition is expected to enhance CICT’s high-quality and diversified portfolio of retail, office and integrated assets, while further reinforcing its market leadership as the largest owner of private commercial real estate in Singapore. The proposed acquisition is expected to be DPU accretive by 2.1 percent.
Tan Choon Siang, CEO of the manager of CICT, said, “Paragon is a rare, premier freehold integrated development in the heart of Orchard Road. This acquisition strengthens the resilience and quality of CICT’s Singapore-focused portfolio, combining sizable, upscale retail exposure with a defensiv
