Go for Gold: CCT Gets Go-Ahead for Golden Shoe Car Park Redevelopment
CapitaLand Commercial Trust, or CCT, has finally received the green light from regulatory authorities to redevelop Golden Shoe Car Park. The SGD 1.82 billion redevelopment will involve narrow-moat-rated parent CapitaLand and no-moat-rated Mitsubishi Estate, the same structure and partners as the CapitaGreen development, and CCT holding a five-year call option to acquire the building post-completion. The redevelopment has long been anticipated, and we retain our view that, once completed, the pro...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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