CapitaLand Integrated Commercial Trust (CICT) is divesting Bukit Panjang Plaza to an unrelated third party for $428 million.
The sale includes 90 strata lots, together with the plant, mechanical and electrical equipment located therein.
The net proceeds from the sales will be approximately $421.2 million, which CICT says will provide it with greater financial flexibility to repay debt, finance any capital expenditure, asset enhancement works and investments, and or financial general and working capital requirements.
CICT says the sale is part of its broader portfolio reconstruction strategy.
Assuming the sale was completed and net proceeds were fully used to repay existing debt on Sept 30, 2025, CICT’s aggregate leverage is expected to reduce from 39.2% to 38.2%.
The sale is expected to be completed in the first quarter of 2026.
See also: Eindec Corporation expands into integrated green and AI-driven engineering solutions
Units in CICT closed 1 cent lower or 0.412% down at $2.42 on Jan 14.
