CCT Divests 50% in One Battery Road; Additional Firepower to Redevelop Golden Shoe Car Park
CapitaLand Commercial Trust has divested a 50% stake in One Battery Road for SGD 591.6 million to FWD Group, the insurance arm of Pacific Century Group. The deal valued the Grade A office building at SGD 1.18 billion, a 16.7% premium to its prior valuation at SGD 1.01 billion at year-end fiscal 2016. The valuation represents a transactional net property yield of 3.2%, compared with a capitalization rate of 3.75%-4.25% for the rest of its portfolio. With the deal expected to close in June 2017, t...CapitaCommercial Trust is a commercial real estate investment trust investing in properties predominantly used for commercial purposes. Through its subsidiary, Co. is engaged in the provision of treasury services, including lending to the Trust the proceeds from issuance of notes under an unsecured multicurrency medium term note program. As of Dec 31 2011, Co.'s portfolio comprised of nine properties including three office buildings, one prime office building, three mixed-use properties, one multi-story car park and an ongoing development for a new office tower, all of which are located in Singapore.
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