Twitter’s potential exit from CapitaGreen to have ‘immaterial’ impact on revenue
Ry-Anne Lim
TWITTER’S potential exit from its office space at CapitaGreen will have an “immaterial” impact on CapitaLand Integrated Commercial Trust’s (CICT) portfolio revenue, said the real estate investment trust on Friday (Jan 13) in response to queries from The Business Times (BT).
Based on reports from 2015, Twitter holds an office space of 22,000 square feet in CapitaGreen, a 40-storey Grade A office tower located in the central business district (CBD). The company had reportedly expanded, leasing an additional floor in the building in Q4 2021.
Twitter is one of CapitaGreen’s top three tenants by gross rental income, according to CICT’s website.
A spokesperson from CICT told BT on Friday that CapitaGreen contributed about 6.7 per cent to the Reit’s H1 2022 net property income.
In its Q3 2022 business update, CICT said no single tenant contributes more than 5.1 per cent of its total gross rental income.
The report showed that the percentage of CICT’s total gross rental income generated by its top 10 tenants that quarter – such as RC Hotel, WeWork Singapore, Temasek and BHG – ranged from 1 per cent to 5.1 per cent. This puts Twitter’s contribution to the Reit’s total gross rental income at less than 1 per cent in Q3 2022.
Friday’s statement follows media reports that workers at Twitter’s Singapore office were told to empty their desks, vacate the premises and resume their duties remotely.
CICT’s spokesperson emphasised that Twitter remains a tenant of CapitaGreen.
“Singapore CBD is a thriving hub for diversified business sectors and continues to see leasing interests from various industries,” said the spokesperson.
Units of CICT closed 0.5 per cent or S$0.01 higher at S$2.03 on Friday, after the statement.
