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CCT: Acquires Asia Square Tower 2 In Singapore's Marina Bay For S$2.094 Billion Or S$2,689 Per Square Foot.

21 Sep 2017 14:01

CapitaLand Commercial Trust is acquiring Asia Square Tower 2 from BlackRock Asia Property Fund III L.P. for an agreed property value of S$2,094 million or S$2,689 per square foot. The net property income yield is expected to be 3.6% per annum, based on a committed occupancy rate of 88.7% as at 30 June 2017. CCT will fund this acquisition through a combination of a fully-underwritten and renounceable 166 for 1,000 rights issue to raise gross proceeds of approximately S$700.0 million, external bank borrowings of S$1,120.0 million, and proceeds of approximately S$340.1 million from the divestments of One George Street (50.0% stake), Golden Shoe Car Park and Wilkie Edge...

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Source: ShareInvestor Express