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Singapore, 5 August 2025 – CapitaLand Integrated Commercial Trust (CICT), Singapore’s first and largest diversified real estate investment trust (REIT), has today entered into unit purchase agreements with CapitaLand Development Limited (CLD)² and Mitsubishi Estate Co., Ltd (MEC)³, to acquire their respective 45% and 10% interests in the Commercial Component⁴ of CapitaSpring for 55% of the agreed property value of S$1,900.0 million (Acquisitions).  On a 100% basis, the agreed property value is the average of two independent valuations⁵ of the Commercial Component, commissioned separately by the trustee and the manager of CICT, CapitaLand Integrated Commercial Trust Management Limited (CICTML).

The premium Grade A office tower is located in Raffles Place, at the heart of Singapore’s Central Business District (CBD) and the address of tenants such as JPMorgan Chase Bank, N.A., Millennium Capital Management (Singapore) Pte. Ltd., and Sumitomo Mitsui Banking Corporation Singapore Branch. The Acquisitions are expected to enhance CICT’s income, underpinned by the resilience of Singapore’s office market.  On a pro forma basis, the Acquisitions are expected to deliver a DPU accretion of 1.1%, assuming CICT had held and operated 100% of CapitaSpring’s Commercial Component from 1 January 2025 to 30 June 2025⁶.

Total acquisition outlay and method of financing

The total acquisition outlay is approximately S$482.3 million, which comprises the estimated purchase consideration, 55% share of Glory Office Trust’s existing unitholders’ loans and other transaction-related expenses.  Subject to completion adjustments, the purchase consideration takes into account, amongst other things, 55% of the agreed property value and net liabilities.

CICT intends to finance the total acquisition outlay (excluding the acquisition fee related to the acquisition of CLD’s 45% interest, which will be paid in CICT units) using proceeds raised through a private placement⁷.  

Following the Acquisitions, CICT’s pro forma aggregate leverage⁵ is expected to increase marginally to 38.3% from 37.9% as at 30 June 2025.

No approval required from unitholders

CICT’s proposed acquisition of the 45.0% interest from CLD is an interested person transaction under the Listing Manual of Singapore Exchange Securities Trading Limited (SGX) and an interested party transaction under the Appendix 6 of the Code of Collective Investment Schemes issued by the Monetary Authority of Singapore (Property Funds Appendix).  However, it is not subject to unitholders’ approval pursuant to Rule 906(1) of the Listing Manual and Paragraph 5.2(b) of the Property Funds Appendix.

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^{1. Based on 55% of the agreed property value of S$1,900.0 million.}

^{2. The CLD entity entering into the unit purchase agreement is Glory Office Pte. Ltd..}

^{3. The MEC entity entering into the unit purchase agreement is MEA Commercial Holdings Pte. Ltd..}

^{4. Glory Office Trust holds the office and ancillary retail component of CapitaSpring (Commercial Component).}

^{5. As at 30 June 2025, independent valuations by Savills Valuation and Professional Services (S) Pte Ltd (appointed by the trustee of CICT) and Knight Frank Pte Ltd (appointed by CICTML) have valued the Commercial Component at S$1,905.0 million and S$1,895.0 million respectively.}

^{6. Please refer to the announcement dated 5 August 2025 titled “Proposed acquisition of remaining 55.0% interest in Glory Office Trust which holds the office and retail component of CapitaSpring” for more information relating to the assumptions and basis of the pro forma figures.}

^{7. Please refer to the announcement dated 5 August 2025 titled “Launch of the Private Placement of New Units in CapitaLand Integrated Commercial Trust to Raise Gross Proceeds of No Less Than Approximately S$500 million” for more details.}