CICT net property income doubles to $472m in 1H2021

CapitaLand Integrated Commercial Trust’s committed portfolio occupancy was at 94.9% as of end-June.

CapitaLand Integrated Commercial Trust (CICT), a subsidiary of CapitaLand, more than doubled its net property income to $472.1m from $216.3m in the first half of 2021.

“In CICT’s core markets of Singapore and Frankfurt, retail, office, and integrated development assets remain in demand. To future-enable our properties, we are leveraging technology and taking proactive steps to adapt and reposition,” said CICT Management Limited CEO Tony Tan in a bourse disclosure.

Distributable income is at $225.9m, driven by the contribution from Raffles City Singapore and other properties following the merger with CapitaLand Commercial Trust.

Portfolio occupancy as of end-June was at 94.9%, with approximately 1.0 million square feet of new leases and renewals.