CCT’s 2Q in Line; FVE Raised; Acquisition of MAC and Asset Enhancement Underpins Mid-Term Growth
We increased CapitaLand Commercial Trust’s, or CCT’s, fair value estimate to SGD 1.82 per unit (from SGD 1.76) because we factored in higher rental income for the trust mainly driven by the acquisition of a 94.9% stake in Main Airport Center, or MAC, in Frankfurt, Germany and the leasing of 21 Collyer Quay to WeWork, a coworking space operator, for seven years from second-quarter 2021. We have also factored in the refurbishment of Six Battery Road and 21 Collyer Quay that will cost SGD 35 millio...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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