CapitaLand Mall Trust (CMT) will begin trading as CapitaLand Integrated Commercial Trust (CICT) on the SGX-ST from 9am on Nov 3.
This follows the delisting of CapitaLand Commercial Trust (CCT) on the same day.
The moves come upon the merger of CMT and CCT to become CICT, a diversified commercial real estate investment trust (REIT). The new trading name reflects CICT’s investment mandate to invest in quality income-producing commercial properties, including those primarily used for retail and office purposes located predominantly in Singapore.
CICT brings together CMT’s portfolio of 15 malls in Singapore with CCT’s portfolio of 10 office assets in Singapore and Germany.
CICT says it will focus on driving organic growth of the properties’ combined portfolio, to grow the portfolio by seeking acquisition opportunities and to create value by executing disciplined portfolio reconstitution.
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 CMT, has also been renamed to CapitaLand Integrated Commercial Trust Management Limited (CICTML).
The board of the new manager comprises members from the former boards of CMT and CCT, with three formerly from the board of CMT, two from CCT, and one who were in both boards.
“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,” says Teo Swee Lian, chairman of the manager.
“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,” Teo adds.
“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,” says Tony Tan, CEO of the manager.
Units in CMT closed 3 cents higher or 1.7% up at $1.76 on Nov 2.
