CICT and Coref to acquire Grade-A office building on Robinson Road for S$1.3b
CAPITALAND Integrated Commercial Trust (CICT) C38U : C38U 0%and CapitaLand Open End Real Estate Fund (Coref) have entered into an agreement to acquire a Grade-A office building at 79 Robinson Road for S$1.3 billion.
The purchase will be done by acquiring 70 per cent and 30 per cent respectively of the shares of the property holding company Southernwood Property Ptd Ltd, CICT and Coref said in a bourse filing on Friday (Mar 25).
Southernwood Property is a special-purpose vehicle in which CapitaLand Investment Limited : 9CI 0% (CLI) - which manages Coref - owns a 65 per cent stake. The wholly-owned subsidiaries of Mitsui & Co and Tokyo Tatemono hold the remaining 35 per cent as part of the joint venture.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Emerging-market optimism dashed by Fed as currencies, bonds sink
LHN warns H1 2024 net profit could decline by 28.6%
iPhone maker Hon Hai’s April sales rise 19% in positive signal
Worsening weather is igniting a US$25 billion market
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules