EOI for half stake in CCT's One George St closed in December

Singapore

AN EXPRESSION of interest (EOI) exercise ended early last month for the sale of a half stake in CapitaLand Commercial Trust's One George Street office tower in the CBD, say sources.

It is understood that CCT and the incoming investor will each hold 50 per cent of shares in a new special purpose vehicle that will be set up to own the 23-storey tower. The building is on a site with a balance lease term of 86 years.

Market watchers said it makes sense for CCT to divest part of its interest in One George Street as it is a fairly mature asset. Moreover, the financial resources that could be freed from the sale would come in handy for CCT to help fund a potential purchase of the 60 per cent of CapitaGreen that it does not own. CapitaGreen, a Grade A office tower on the form…