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CCT Buys Asia Square Tower

CapitaLand Commercial Trust (CCT), is acquiring Asia Square Tower 2 from BlackRock Asia Property Fund for SGD2.09billion, equaling SGD2,689 per square foot.

The net property income (NPI) yield is expected to be 3.6% per annum (p.a.), based on a committed occupancy rate of 88.7% as at June 30 2017. CCT said the it "will fund this acquisition through a combination of a rights issue and banking borrowings and divestments".

Mr Soo Kok Leng, Chairman of the Manager, said: “The addition of Asia Square Tower 2 is a strategic move that is in line with our portfolio reconstitution strategy to rejuvenate CCT’s portfolio with the addition of newer and higher yielding Grade A assets."

- APMR News

The developer plans to divest in One George Street, Golden Shoes Car Park

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