On Sept 3, CICT’s manager announced that it was proposing to acquire 50% of ION Orchard at an agreed property value of $1.85 billion. CapitaLand Investment (CLI) will divest its 50% stake to the REIT.
The mall is currently held in a joint venture with Hong Kong-listed Sun Hung Kai Properties, which holds the remaining 50%.
Units in CICT closed 2 cents lower or 0.98% down at $2.02 on Oct 30.
