CapitaCommercial Trust says it will be receiving a total of $9.3 million from CapitaLand Commercial Limited (CCL), being yield protection amount in relation to One George Street for the year ended Dec 31 2009.

Under the sale and purchase agreement of One George Street with the vendor, a Deed of Yield Protection was entered into with CCL under which the latter agreed to provide a yield protection to CCT in the event the Net Property Income from One George Street is less than 4.25% per annum of the purchase consideration of $1,165.0 million (or $49.5 million per annum) for a period of five years from the date of completion of purchase on Jul 11 2008.

Based on the unaudited management accounts of CCT for the financial year ended Dec 31 2009, the NPI for One George Street for that period was less than $49.5 million by $9.3 million for the full year, resulting in CCL being required to pay for the shortfall in the NPI.

CCL will settle the yield protection amount in full by Feb 14.