CICT enters Australia market with acquisition of 2 office buildings for A$330.7m

CAPITALAND Integrated Commercial Trust's (CICT) C38U : C38U 0%indirectly wholly-owned subsidiary has entered into a unit sale agreement to acquire 2 Grade A office buildings in Sydney, Australia for A$330.7 million (S$330.7 million).

This would mark CICT's first inroad into Australia, its second overseas developed market after Germany, the real estate investment trust's (Reit) manager said in a bourse filing on Friday (Dec 3).

Tony Tan, the chief executive officer of the manager, said in a briefing on Friday (Dec 3) that the acquisition should not be looked at “in isolation”.