Staff Reporter
,
Singapore
Photo from CICT
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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