CCT divests Twenty Anson for S$516.0 million
Proactive portfolio reconstitution unlocks value and enhances financial flexibility
Singapore, 29 June 2018 – CapitaLand Commercial Trust Management Limited (CCTML or the Manager), the Manager of CapitaLand Commercial Trust (CCT or the Trust), announced today that its trustee, HSBC Institutional Trust Services (Singapore) Limited has today entered into an agreement for the sale of Twenty Anson, a 20-storey office building in Tanjong Pagar, a sub-market of Singapore’s Central Business District (CBD), to an unrelated third party for a sale consideration of S$516.0 million or S$2,503 per square foot based on the building’s net lettable area. The transaction is expected to be completed in 3Q 2018.
The sale consideration was arrived at through a bidding process conducted by an appointed property
Mr Kevin Chee, CEO of the Manager, said: “The divestment of Twenty Anson is in line with CCT’s proactive strategy to reconstitute the Trust’s portfolio and optimise returns for our unitholders. This transaction will unlock value and enhance the Trust’s financial flexibility. Assuming net divestment proceeds are used to repay existing debt, CCT’s
Upon completion of the transaction, CCT’s portfolio will comprise 10 properties with a total net lettable area of 4.7 million sq ft across key sub-markets of Singapore’s CBD – Raffles Place, Marina Bay, Tanjong Pagar and City Hall – as well as the Banking District in Frankfurt, Germany.
Completed in 2009, Twenty Anson is located at 20 Anson Road with sheltered access to Tanjong Pagar MRT station. It has a total net lettable area of approximately 206,000 square feet1 (sq ft). As at 31 March 2018, Twenty Anson had a committed occupancy rate of 94.3%. The top three tenants are Toyota Motor Asia Pacific Pte Ltd, BlackRock Advisors Singapore Pte Ltd and BCD Travel Asia Pacific Pte Ltd. As at 31 March 2018, Twenty Anson accounted for about 3% of CCT’s net property income. On a
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PROPERTY DETAILS
Location |
20 Anson Road, Singapore 079912 |
Net Lettable Area |
Approximately 206,000 sq ft1 |
Committed Occupancy | 94.3% (as at 31 March 2018) |
Number of Storeys | 20 |
Number of Tenants | 29 (as at 31 March 2018) |
Number of Car Park Lots | 55 |
Land Tenure | Leasehold estate expiring 22 November 2106 |
Gross Revenue | S$4.6 million (1Q 2018) |
Net Property Income | S$3.5 million (1Q 2018) |