CICT and Coref to acquire Grade-A office building on Robinson Road for S$1.3b

CAPITALAND Integrated Commercial Trust (CICT) C38U 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 (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.