CapitaLand Mall Trust to begin trading as CapitaLand Integrated Commercial Trust on SGX-ST from today
Board of CICTML to comprise representatives from the former Boards of CMTML and CCTML
Singapore, 3 November 2020 – From 9.00 am today, CapitaLand Mall Trust (CMT) will begin trading as CapitaLand Integrated Commercial Trust (CICT) (凯德综合商业信托) on the Singapore Exchange Securities Trading Limited (SGX-ST), following the delisting of CapitaLand Commercial Trust (CCT). CICT’s trading name on SGX-ST will be “CapLand IntCom T” while its stock code remains unchanged as “C38U”. CapitaLand Mall Trust Management Limited (CMTML), as the manager of CICT, has also been renamed CapitaLand Integrated Commercial Trust Management Limited (CICTML). These changes occur in connection with the merger between CMT and CCT (Merger).
The new trading name reflects CICT’s investment mandate to invest in quality income-producing commercial properties, including those primarily used for retail and/or office purposes, located predominantly in Singapore. CICT is one of the largest real estate investment trusts (REITs) in Asia Pacific and the largest REIT in Singapore by market capitalisation (S$11.4 billion1) and total portfolio property value (S$22.4 billion2). The pro forma net asset value per unit of CICT was S$2.023. CICT is also the largest proxy for Singapore commercial real estate with a portfolio of 24 strategically located and high-quality retail, office and integrated developments, of which 22 are in Singapore and the rest in Frankfurt, Germany.
Following the Merger, the Board of CICTML will also be reconstituted with effect from today. The reconstituted Board comprises members from the former Boards of CMTML and CapitaLand Commercial Trust Management Limited (CCTML) and the composition reflects an optimal balance of experience, skills and knowledge relevant to CICT’s business.
The Board of CICTML comprises seven directors, of whom four are Independent Non-Executive Directors. They are:
1) Ms Teo Swee Lian, Chairman & Non-Executive Independent Director
2) Mr Tony Tan Tee Hieong, Chief Executive Officer & Executive Non-Independent Director
3) Mr Lee Khai Fatt, Kyle, Non-Executive Independent Director
4) Mrs Quek Bin Hwee, Non-Executive Independent Director
5) Mr Ng Wai King, Non-Executive Independent Director
6) Mr Jason Leow Juan Thong, Non-Executive Non-Independent Director
7) Mr Jonathan Yap Neng Tong, Non-Executive Non-Independent Director
Ms Teo, Mr Tan, Mr Lee and Mr Leow were on the Board of CMTML. Mrs Quek and Mr Ng were former Directors of the Board of CCTML. Mr Yap served on the Boards of both CMTML and CCTML.
Ms Teo Swee Lian, Chairman of CICTML, said: “Today marks an exciting new beginning for CapitaLand Integrated Commercial Trust. The Board and Management are deeply humbled by the support given by CICT Unitholders along this journey of transformation and we promise to reciprocate your trust by continuing to strive towards delivering stable distributions and sustainable total returns to Unitholders. Other than financial returns, we are also committed to addressing Environment, Social and Governance (ESG) issues for the benefit of our stakeholders. As we embark on this new chapter, I would like to welcome my fellow CICTML Board members and thank the former Board members of CMTML and CCTML, for their invaluable contributions in taking CICT to where it is today.”
Mr Tony Tan, CEO of CICTML, said: “We transit into a new phase of growth today as CapitaLand Integrated Commercial Trust. Under the guidance of the Board, my team and I commit to realise CICT’s potential as one of Asia Pacific’s largest REITs. Whilst the near-term challenges posed by COVID-19 remain, the bigger and more integrated platform will allow CICT to effectively capitalise on current and future real estate trends to create further opportunities for growth. We have already identified some of these opportunities and will be looking to execute them in the near future.”
CICT will focus on three pillars of growth. Firstly, to drive organic growth by actively managing the combined portfolio of properties, ensuring the smooth execution of ongoing asset enhancement initiatives and redevelopment project as well as seeking other asset enhancement opportunities; secondly, to grow the portfolio by seeking acquisition opportunities in Singapore and overseas, guided by strategic rationale, distribution per unit-accretion and appropriate timing; and thirdly, to create value by executing disciplined portfolio reconstitution, recycling capital into higher yielding opportunities. Underpinning these pillars will be a prudent cost and capital management strategy to ensure that CICT is always well-positioned with a robust balance sheet, and to capitalise on market opportunities.
Notes:
1 As at 2 November 2020.
2 As at 30 June 2020.
3 Please refer to paragraph 8.3.2 of CMT Circular dated 4 September 2020 for the bases and assumptions used in preparing the pro forma NAV as at 30 June 2020.