Publications

CapitaLand Investment to divest interest in ION Orchard to CICT
Transactions - SEPTEMBER 3, 2024

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

CapitaLand Investment to divest interest in ION Orchard to CICT

by Andrea Zander

CapitaLand Investment Limited (CLI) has entered into an agreement to divest its 50 percent interest in ION Orchard to its sponsored real estate investment trust, CapitaLand Integrated Commercial Trust (CICT). ION Orchard is currently held in a joint venture with Sun Hung Kai Properties (SHKP) holding the remaining 50 percent.

The proposed divestment of ION Orchard is part of CLI’s asset-light growth strategy. The sale consideration of approximately S$1.08 billion ($830 million) will grow CLI’s funds under management (FUM) by S$1.85 billion ($1.41 billion), which can be recycled toward future growth opportunities.

ION Orchard is a dominant retail landmark at the heart of Orchard Road, attracting both locals and tourists. With CICT’s predominant focus on Singapore, the proposed divestment will further enhance the quality of its portfolio. This proposed transaction is conditional upon the approval of CICT’s non-interested unitholders and is targeted to be comple

Forgot your username or password?