CapitaLand Integrated Commercial Trust (CICT) and CapitaLand Open End Real Estate Fund (COREF), a newly established discretionary fund managed by CapitaLand Investment Ltd. (CLI), have purchased 79 Robinson Road, a class A office building in the Tanjong Pagar submarket of Singapore’s central business district, through acquiring 70 percent and 30 percent, respectively, of the shares of the property holding company, Southernwood Property Pte Ltd. (SWP), a special-purpose vehicle in which CLI has a 65 percent stake and a joint venture between wholly owned subsidiaries of Mitsui & Co. Ltd. and Tokyo Tatemono Co. Ltd. holds the remaining 35 percent. SWP will be converted to a limited liability partnership following completion of the acquisition.
The agreed-upon property value, negotiated on a willing-buyer and willing-seller basis, is S$1.26 billion ($910 million). The transaction is expected to be completed in second quarter 2022.
“CICT is pleased to acquire a sig
