CMT Acquires 70% Stake in Westgate to Tap Long-Term Potential of Jurong East; FVE Remains at SGD 2.4
CapitaLand Mall Trust, or CMT, has announced that it will acquire the remaining 70% stake that it does not own in Westgate, a retail mall at Jurong East, for SGD 789.6 million (or SGD 2,746 per square foot), from its parent company, CapitaLand Limited. This represents a 14% increase in valuation from the SGD 2,408 per square foot reported on June 30, owing to a lower capitalization rate of 4.3% (compared with 4.6%). CMT intends to fund this acquisition either through debt or a combination of deb...CapitaLand Mall Trust is a real estate investment trust. Co. owns and invests in assets, which are used, or predominantly used, for retail purposes primarily in Singapore. Co.'s portfolio is comprised of 16 shopping centers, which include Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, JCube, Hougang Plaza, Lot One Shoppers' Mall, Bukit Panjang Plaza, Rivervale Mall, The Atrium@Orchard, Clarke Quay, Iluma, and Raffles City Singapore. All of Co.'s shopping centers are located in Singapore.
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