Singapore’s CapitaLand Integrated Commercial Trust said on Tuesday that it will buy the remaining 55% stake in Glory Office Trust from CapitaLand Development and Mitsubishi Estate on an agreed property value of S$1.05 billion ($816.55 million).
CapitaLand Integrated estimates the total acquisition outlay for the office and retail components of CapitaSpring in Singapore, currently held by Glory Office Trust, at about S$482.3 million.
CapitaLand Development will sell its 45% stake, while Mitsubishi Estate plans to divest its 10% interest. Both CapitaLand Integrated and CapitaLand Development are part of the broader CapitaLand Group, which is backed by Temasek Holdings.
The acquisition will be funded through a private placement expected to raise around S$500 million, the company said in a statement.
($1 = 1.2859 Singapore dollars)
Reuters
