CapitaLand Integrated Commercial Trust Divests 21 Collyer Quay for S$688 Million

CapitaLand Integrated Commercial Trust (CICT), a Singapore-listed real estate investment trust (REIT), has divested 21 Collyer Quay for S$688 million.

The divestment is in line with CICT's strategy to recycle capital from non-core assets and redeploy it into higher-yielding opportunities. 21 Collyer Quay is a 23-storey office building located in the heart of Singapore's Central Business District (CBD). It has a total net lettable area (NLA) of approximately 322,000 square feet and is currently fully occupied by various multinational corporations.

The divestment of 21 Collyer Quay will result in a net gain of approximately S$224 million for CICT. The proceeds from the divestment will be used to reduce CICT's debt and fund future acquisitions.

"The divestment of 21 Collyer Quay is a strategic move that will allow us to recycle capital into higher-yielding opportunities and enhance our overall portfolio quality," said Mr. Lim Beng Chee, CEO of CapitaLand Integrated Commercial Trust Management Limited, the manager of CICT. "We believe that this transaction will create long-term value for our unitholders." The divestment of 21 Collyer Quay is expected to be completed in the third quarter of 2023.