Corporate digest

Isetan (Singapore)

ISETAN (Singapore) has appointed Savills as marketing agent to size up interest to purchase its space at the Wisma Atria shopping mall on Orchard Road, as well as to commence exploratory discussions with third parties on the matter.

In a Friday bourse filing after trading hours, the Japanese department store operator added that there is no certainty of any definitive agreement for the sale of Isetan Wisma Atria.

Back in January, Isetan had disclosed that it was "exploring its options" regarding its space at Wisma Atria. It had then said that it may appoint property agents and valuers to assist.

Starhill Global Reit (SGReit) owns about 74 per cent of the total share value of strata lots in Wisma Atria, according to its annual report for FY2018/19. The Reit's manager in 2019 issued an expression of interest to potentially acquire the Japanese company's share in Wisma Atria. But as The Business Times reported in January this year, it was not clear what became of the matter.

Shares of Isetan closed at S$3.93 on Friday, up 0.26 per cent.

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CapitaLand

PROPERTY player CapitaLand has set up an innovation fund with a S$50 million commitment over five years, to support the testbedding of sustainability and other high-tech innovations in the built-environment space.

The move was announced by chief executive Lee Chee Koon at the finale of the inaugural CapitaLand Sustainability X Challenge, where two sustainability-focused companies, Inovues and Climatec Corp, won S$50,000 each to fund their pilot projects with CapitaLand.

The innovation fund is part of CapitaLand's sustainability efforts. In October 2020, CapitaLand opened the Smart Urban CoInnovation Lab at the Singapore Science Park in partnership with the Infocomm Media Development Authority and Enterprise Singapore, with sustainability as one of its focus areas.

The company will also redeploy interest rate savings from its sustainability-linked loans towards its sustainability initiatives.

Shares of CapitaLand closed flat at S$3.74 on Friday.