S$3.9 billion Paragon acquisition seals CICT’s dominance in downtown retail, adds medical exposure
Deal, to be partly funded by S$2.5 billion divestment of Asia Square Tower 2 to IOI, seen as ‘tactical swop’; may yield redevelopment potential on freehold Orchard Road parcel
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[SINGAPORE] The S$3.9 billion proposed acquisition of Paragon mall is set to cement CapitaLand Integrated Commercial Trust’s (CICT) dominance along the Orchard Road shopping belt and downtown stretch, and also gives it a foothold in Singapore’s high-end medical sector.
Aside from the ownership of a prime retail asset housing luxury brands and premium medical suites, the freehold acquisition also gives CICT a line to tap into potential for future redevelopment, in an area where several redevelopment projects are planned.
On Monday (Apr 20), the manager of CICT announced the acquisition of the mall from a consortium of Temasek Holdings subsidiaries, including Cuscaden Peak.
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