CapitaLand Integrated Commercial Trust (CICT), Singapore’s first and largest diversified REIT, has entered into unit purchase agreements with CapitaLand Development Ltd. (CLD) and Mitsubishi Estate Co. (MEC) to acquire their respective 45 percent and 10 percent interests in the commercial component of CapitaSpring for 55 percent of the agreed property value of S$1.9 billion ($810 million). On a 100 percent basis, the agreed property value is the average of two independent valuations of the commercial component, commissioned separately by the trustee and the manager of CICT, CapitaLand Integrated Commercial Trust Management Ltd. (CICTML).
The premium class A office tower is located in Raffles Place, at the heart of Singapore’s central business district and the address of tenants such as JPMorgan Chase Bank, Millennium Capital Management (Singapore) Pte. Ltd. and Sumitomo Mitsui Banking Corporation Singapore Branch. The acquisitions are expected to enhance CICT’s income,
