Two decades later, CICT is the largest REIT by market capitalisation and asset under management (AUM). Including distributions, the REIT has returned to investors 688% in those 20 years, or equivalent to about 11% a year. CMT was listed at 98 cents while its descendant, CICT, closed at $2.20 on June 30.
CapitaLand Mall Trust (CMT), now known as CapitaLand Integrated Commercial Trust or CICT, headed into unknown territory as it made its trading debut on the Singapore Exchange on July 17, 2002, as Singapore’s very first REIT. CMT started with three malls, Junction 8, Tampines Mall and Funan, which CICT still holds. Although it was not much of a diversified portfolio, the local market wasn’t familiar with REITs at that time but seeing is believing and investors could visit and observe those malls.
In 2020, CMT merged with CapitaLand Commercial Trust (CCT) to form CICT, which started trading on Oct 21, 2021. The larger, more diversified CICT comprises assets valued at $22.9 billion as at March 31. These consist of office and retail properties and integrated or mixed developments in the proportions of 39:31:30. Most of them (93%) of the assets are based in Singapore although there are two office buildings in Frankfurt and Sydney each. In June, CICT also completed the acquisitions of a 50% stake in 101–103 Miller Street and Greenwood Plaza, a mainly office development with some retail components, in Sydney.
