Capitaland Integrated Commercial Trust (CICT) has announced the acquisition of the carpark system in 79 Robinson Road from CapitaLand Commercial Management (CCM), a wholly-owned subsidiary of CapitaLand Investment (CLI).
This will be done via its subsidiary Southernwood Property (SWP), and makes the acquisition an interested person transaction (IPT), coming after CICT’s 70% acquisition of 79 Robinson Road with CapitaLand Open End Real Estate Fund (COREF) for $1.26 billion.
That acquisition was completed on April 27, the REIT announced in a release on the same day. 79 Robinson Road will also be renamed CapitaSky, CICT announced.
The car park acquisition will be just over $171,000 and will see the SWP receive the full revenue from the car park, instead of the current revenue-sharing model with CCM. SWP will also take over the maintenance of the car park.
CICT says this is in line with the current arrangement for most of the office properties in CICT’s Singapore portfolio, where CICT or the relevant property-holding entity holds direct ownership of the car park system.
Share of CICT closed at $2.34 on April 27, down one cent or 0.43% lower than its previous close.
