CCT to buy partners' stake in CapitaGreen
Analysts question the timing, given falling office prices, but manager says it's constrained by terms of the call option
Singapore
CAPITALAND Commercial Trust (CCT) has proposed to exercise its call option to buy over the remaining 60 per cent of the Grade-A office building CapitaGreen that it does not already own, for about S$393 million in total acquisition outlay.
This translates to a valuation for the entire building of about S$1.6 billion, or S$2,276 per square foot.
The proposed acquisition is to be done through a share sale in a special purpose sub-trust. CCT will also assume the remaining 60 per cent of the sub-trust's bank loan, which amounts to S$534 million.
At a briefing on Monday, analysts expressed concern over the timing of the ac…
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