CICT announces fourth acquisition in three months, CapitaLand Investment benefits

Goola Warden
Goola Warden3/30/2022 04:11 PM GMT+08  • 5 min read
CICT announces fourth acquisition in three months, CapitaLand Investment benefits
CICT acquires 79 Robinson Road with debt and proceeds from JCube. The property which has a yield of 4%, has a short land lease
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

On March 25. the manager of CapitaLand Integrated Commercial Trust (CICT) announced it was jointly acquiring buying 79 Robinson Road with CapitaLand Open End Real Estate Fund (COREF), a newly established discretionary fund managed by CapitaLand Investment (CLI), for $1.26 billion or $2,423 psf. The consideration is in line with independent valuations, says CICT’s manager. CICT will hold 70% and COREF 30%.

The property has a net property income (NPI) yield of 4.0%, based on pro forma annualised NPI for January. The transaction is expected to be completed in 2Q2022. CICT’s total outlay will be $869.2 million including fees and expenses of $14.1 million.

Although the acquisition of CLI's 35% stake in 79 Robinson Road is an interested party transaction (IPT), the value of its IPT as a percentage of CICT's net tangible asset is below 5%, the threshold at which it would require unitholders’ approval.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.