CCT to start reaping distributable income from CapitaGreen only next year

Singapore

CAPITACOMMERCIAL Trust's 40 per cent owned CapitaGreen office development completed late last year is 76.4 per cent leased but is expected to start contributing to the trust's distributable income only next year.

A few of the tenants have begun operations in the building but the majority of them are expected to move in progressively in the second half of this year. Hence, their revenue contribution will not be for the full year of 2015. Meanwhile, the operating expenses for the building have already started to kick in. CCT is targeting full occupancy at CapitaGreen by the end of the year.

The trust on Wednesday posted year-on-year increases in first-quarter revenue, net property income, distributable income and distribution per unit (DPU) - on the back of positive rent reversions and higher occupanc…