CICT divests 21 Collyer Quay for $688m to bolster capital

The business trust expects to gain $681.7m from the divestment.

CapitaLand Integrated Commercial Trust (CICT) divested its 21-storey office building in Raffles Place for $688m.

CICT sold 21 Collyer Quay with an exit yield of under 3.5%, calculated on the annualised net property income for the period ended 30 September 2024.

The business trust expects to gain $681.7m from the divestment.

Proceeds from the sale will go toward repaying debt, funding capital expenditures, asset enhancement projects, investments, and covering general corporate and working capital needs.

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