CapitaLand Integrated Commercial Trust (CICT) has converted its subsidiary Southernwood Property (SWP) to a limited liabitly partnership (LLP).
SWP is the entity that CICT used for the $1.26 billion acquisition of 79 Robinson Road, done in partnership with CapitaLand Open End Real Estate Fund (COREF).
This conversion will allow unitholders of CICT to enjoy tax transparency treatment on CICT's income from the letting of the 79 Robinson Road, soon to be renamed CapitaSky.
The income generated from the property will also not be subject to corporate income tax at the LLP level, as a limited liability partnership is tax transparent for Singapore tax purposes, CICT says.
Units of CICT closed at $2.33 on April 28, down one cent or 0.43% lower than its previous close.
