CMT to be renamed CapitaLand Integrated Commercial Trust on Nov 3

THE trust scheme for the merger of CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) became effective and binding on Wednesday.

Accordingly, CCT unitholders will receive payment of the scheme consideration - comprising 25.9 Singapore cents in cash and 0.72 new CMT units for each CCT unit held - within seven business days.

The expected date of this payment is Oct 28, under the indicative timetable for the trust scheme, said CMT's manager in a filing on Wednesday morning.

CCT is then expected to delist at 9am on Nov 3, while CMT is renamed to CapitaLand Integrated Commercial Trust on the same day.

On Wednesday, CMT's manager also announced that the real estate investment trust's (Reit) expanded investment mandate has come into effect.

The expanded mandate is for the Reit to invest in commercial properties, including those used for retail and/or office purposes, located predominantly in Singapore.

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A novation agreement will thus also be inked on Wednesday for the existing right of first refusal that CapitaLand Singapore had granted CCT's trustee, to be novated to CMT.

The scope of properties under this right of first refusal will be expanded to cover income-producing commercial real estate in Singapore, to be consistent with CMT's expanded investment mandate.

Units of CMT fell S$0.01 or 0.5 per cent to trade at S$1.91 as at 9.55am on Wednesday.