CICT divests CapitaSpring’s serviced residence

The company is divesting its 45% stake for $126m.

CapitaLand Integrated Commercial Trust (CICT) and its joint venture partners are divesting CapitaSpring's serviced residence component to unrelated third parties at an agreed property value of $280m.

CICT currently holds a 45% interest in the serviced residence. Based on this interest, CICT is divesting its stake for $126m with an estimated net proceed of approximately $37.8m.

The sale is expected to be completed by the second quarter.

The 280-metre integrated development CapitaSpring comprises 29 floors of premium Grade A offices, a few ancillary retail units on the ground floor, 17th floor and 51st floor, and a 299-unit serviced residence.

It has a leasehold title with a tenure of 99 years from 1 Feb 1982. The serviced residence component is held by Glory SR Trust whilst the office component is by Glory Office Trust.

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