CCT sells half-stake in Raffles Place office block for S$591.6m

Singapore

CAPITALAND Commercial Trust (CCT) is selling a 50 per cent stake in One George Street to FWD Group, an insurance company backed by Hong Kong billionaire Richard Li, for S$591.6 million.

The divestment of interest in the 23-storey office building in Raffles Place will translate to a gain of S$84.6 million for CCT, or a net gain of S$79.7 million after factoring in transaction and related costs.