Capitaland Integrated Commerical Trust (CICT) has entered into three interested person transactions with subsidiaries of Temasek Holdings worth a total of about $8.5 million.
The largest transaction is between HSBC Institutional Trust Services in its capacity as trustee-manager of CICT subsidiary RCS Trust and Vertex Venture Management.
The $7.58 million transaction comprises a renewal of tenancy of the existing VM premises at levels 9 and 11 of Raffles City Tower from February 2023 to February 2026, as well as a new lease for an adjacent unit on level 9 for a period from October 2022 to February 2026.
Out of the $7.58 million, $5.31 million will be for the renewal and $2.27 million for the new lease.
CICT says in a release that the VM tenancy benefits the Reit as it improves the occupancy rate at Raffles City Tower, and the rent would add to CICT’s overall income.
The other transaction is a $660,000 lease agreement with Eu Yan Sang Integrative Health, for renewing its lease on level 2 of Junction 8 from August 2022 to August 2025.
See also: CICT's manager proposes to acquire ION Orchard at $1.85 billion, subject to EGM
Finally, the third transaction is a $350,000 project management agreement with Capitaland Development for the addition and alteration works for five and a half office floors at Six Battery Road over 18 months from July 2022.
Shares of CICT closed at $2.19, four cents higher or up 1.86% compared to its previous close.
