During a results briefing on Jan 21, Tony Tan, CEO of the manager of CapitaLand Integrated Commercial Trust (CICT), laid out in no uncertain terms the challenges faced by Singapore’s largest REIT. Formed from a merger completed in October last year, CICT has few rivals. With a market cap of $14 billion and an asset size of $22.3 billion, it is the largest REIT in Asia-Pacific excluding Link REIT.

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