CapitaLand Investment Limited (CLI) and its joint venture partners, Mitsui & Co., Ltd. and Tokyo Tatemono Co., Ltd., for 79 Robinson Road have entered into agreements to divest their 100 percent interest in the property to CLI-sponsored investment vehicles CapitaLand Integrated Commercial Trust (CICT) and CapitaLand Open End Real Estate Fund (COREF).
The agreed property value, arrived at on a willing-buyer and willing-seller basis, is S$1,260.0 million (€840 million/$930 million), or S$2,423 per square foot (€1,621/1,049 per square foot). CLI’s effective stake in the property is 65 percent. The transaction is targeted to be completed in second quarter 2022. Upon completion, CLI is expected to receive proceeds of about S$391 million (€263 million/$288 million) and realize an estimated gain of S$72 million (€42 million/$53 million).
Located in the Tanjong Pagar sub-market of Singapore’s central business district, 79 Robinson Road is a class A office b
