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CapitaLand Commercial Trust to divest One George Street into 50%-held JV partnership for $84.6 mil

Property

CapitaLand Commercial Trust to divest One George Street into 50%-held JV partnership for $84.6 mil

Michelle Zhu Published on Tue, May 02, 2017 / 7:31 AM GMT+8

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SINGAPORE (May 2): The trustee manager of CapitaLand Commercial Trust (CCT) has entered into an agreement to divest One George Street into a concurrently-formed limited liability partnership – One George Street LLP (OGS LLP), which CCT has established with joint venture partner OGS (II), a special purpose vehicle owned by insurer FWD Group.

The agreed value of the property is at $1.183.2 million or $2,650 psf, 16.7% above the property’s Dec 31 valuation of $1.014 million or $2,271 psf, translating to a net property yield of 3.2% per annum.

CCT will hold 50% of OGS LLP and is expected to recognised a gain of about $84.6 million upon divestment of the property on a 50% basis, with an approximate net gain of $79.7 million after the estimated transaction and related costs of $4.9 million.

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CapitaLand Commercial Trust to divest One George Street into 50%-held JV partnership for $84.6 mil

Property

CapitaLand Commercial Trust to divest One George Street into 50%-held JV partnership for $84.6 mil

Primary tabs

Error message

CapitaLand Commercial Trust to divest One George Street into 50%-held JV partnership for $84.6 mil

Property

CapitaLand Commercial Trust to divest One George Street into 50%-held JV partnership for $84.6 mil

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