CapitaLand sells Technopark@Chai Chee to The Trust Company for $193m

Comes with rental income support agreement.

CapitaLand Limited (CapitaLand) has announced the sale of Technopark@Chai Chee through its wholly-owned subsidiary, Wan Tien Realty (Pte) Ltd (WTR) to The Trust Company (Asia) Limited in its capacity as trustee of Viva Industrial Real Estate Investment Trust for a cash consideration of S$193.0 million.

The Property comprises six high-tech industrial buildings and is located at 750 to 750E Chai Chee Road.

The Consideration was arrived at on a willing-buyer and willing-seller basis. As part of the sale of the Property, WTR has agreed to provide rental income support totaling S$2.3 million for a period of two years after the completion of the sale of the Property to the Purchaser. The book value of the Property as at 30 June 2013 was S$188.0 million.

CapitaLand said the sale of the Property, which is not subject to any condition precedent, is in line with the company's active portfolio management strategy to unlock the value of noncore assets and recycle capital. Completion is expected to take place in November 2013.

The above transaction is not expected to have any material impact on the net tangible assets or earnings per share of the CapitaLand Group for the financial year ending 31 December 2013.

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