What happened?
Singapore REITs have been on an acquisition spree recently. With interest rates falling, many REITs have started buying assets to boost their distributions once again. In the past year, we have seen Keppel DC REIT buying data centres in Singapore, CapitaLand Ascendas REIT expand its portfolio in Singapore, and CapitaLand Integrated Commercial Trust (CICT) buying ION Orchard. CICT has just announced another acquisition for the remaining 55% stake in CapitaSpring, a Grace A office tower in Raffles Place for S$1,045 million. Let us dive deeper in the acquisition and find out what it means for unitholders.
What you need to know about CICT's acquisition of CapitaSpring
CICT announced that it will acquire the remaining 55.0% interest in CapitaSpring from CapitaLand Development Limited (45%) and Mitsubishi Estate Co., Ltd (10.0%) for S$1,045 million.
The acquisition amount is based on the property being valued at S$1.9 billion.
CapitaSpring is a
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