CapitaLand Commercial Trust eyes $1.5b Duo Tower

It is in talks with M+S Pte for the 39-storey property.

CapitaLand Commercial Trust (CCT) is one of the buyers eyeing the acquisition of the 39-storey Duo Tower for $1.5b, Bloomberg reports, citing anonymous sources.

Other parties also remain interested in the asset, which is located in the Bugis area, the people said. The project’s owner is separately seeking a buyer for the hotel portion of the development in a deal that could fetch as much as $500m, according to the people.

The development is owned by M+S Pte, a joint venture set up in 2011 between Malaysian sovereign fund Khazanah Nasional Bhd. and Singapore state investment firm Temasek Holdings Pte. No final agreements have been reached, and there’s no certainty the talks will result in a transaction, the people said.

Read the full report here.