CICT will partially fund this acquisition from sale of Asia Square Tower 2, which is being sold to IOI Properties at $2.5 billion, giving the REIT a divestment gain of $199.9 million.
Jonathan Koh of UOB Kay Hian has raised his target price for CapitaLand Integrated Commercial Trust from $2.95 to $3.06, after the largest S-REIT's acquisition of the Paragon mall along Orchard Road for an agreed property value of $3.9 billion, which provides a net yield of 3.9%.
"The acquisition strengthens CICT’s Singapore-centric portfolio by adding a sizeable freehold upscale mall in the tightly held Orchard Road shopping corridor," says Koh.
