On Aug 5, CICT’s manager announced the proposed acquisition of the 55% of CapitaSpring it doesn’t own from CapitaLand Development (CLD) and Mitsubishi Estate Co (MEC). CLD and MEC own 45% and 10% of Glory Office Trust, which holds CapitaSpring.
On Aug 6, CapitaLand Integrated Commercial Trust’s (CICT) manager announced it had upsized its private placement to $600 million, priced at $2.11 per unit, and 284.361 million units will be issued. The issue was 4.9 times covered.
Around $466.5 million (which is equivalent to approximately 77.7% of the gross proceeds of the private placement) will be used to finance the proposed acquisition of the remaining 55% interest in the office and retail component of CapitaSpring.
