CICT sells 50% stake in One George Street in Singapore for $474m

CapitaLand Integrated Commercial Trust (CICT) has sold its 50 percent stake in One George Street in Singapore for SGD640.7 million ($473.95 million).

Tony Tan, CEO of CapitaLand Integrated Commercial Trust Management Limited, said, “Divesting CICT’s 50 percent stake in One George Street is the start of our portfolio-reconstitution journey, which will take time to execute. While we have shared the upgrading and positioning of tenant-mix plan for the retail space in Raffles City Singapore in 2022, we continue to find and evaluate compelling portfolio value-adding opportunities in Singapore and overseas developed markets. The net-divestment proceeds will strengthen our financial flexibility while we wait for the appropriate opportunity at the right timing.”