SINGAPORE (May 25): OCBC is keeping its “hold” recommendation on CapitaLand Commercial Trust (CCT) and $1.39 fair value estimate unchanged pending the outcome of the $393 million acquisition of CapitaGreen.

OCBC says CCT’s announcement this week that it is exercising its option to acquire the 60% stake it doesn't already own in the commercial property in the central business district, can only help the real-estate investment trust.

The acquisition is subject to approval from CCT shareholders. The valuation of the property was derived from the average of two independent consultants.

“We see this acquisition to be a net positive, given that the trust will is acquiring full control of an asset it understands well at a reasonable valuation and this will be distribution per unit accretive,” OCBC says.

At 11.04am, units of CCT are up 0.7% at $1.40.