CICT enters Australia market with acquisition of 2 office buildings for A$330.7m

businesstimes2021-12-03

CAPITALAND Integrated Commercial Trust's (CICT) indirectly wholly-owned subsidiary has entered into a unit sale agreement to acquire 2 Grade A office buildings in Sydney, Australia for A$330.7 million...

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Rickyt089
2021-12-03
Rickyt089
Like pls
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2021-12-03
Ghtan
Like pls
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2021-12-03
MuppyKoh
Please like
- Evanchills:
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chelseaeng
2021-12-03
chelseaeng
Like pls
海洋生物
2021-12-03
海洋生物
K
ericchou
2021-12-03
ericchou
Like plz
- Fonkytonks:
  buy
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- Angelinegoh:
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It has a total net lettable area of 27,082 sqm.\nThe property has a committed occupancy rate of 62.3 per cent and 16 tenants as at Sep 30 with a WALE of 4 years, based on committed gross rental income as at Sep 30.\nThe vendor, Acacia Commercial Investment Trust, will provide a rental guarantee of A$7 million for 100 Arthur Street as leasing efforts for the property are being ramped up.\nThe rental guarantee amount was arrived at based on market rent for vacancy at the Arthur Street property as at completion of the transaction, and assumes that the property's vacancy will be filled over a period of 12 months after the acquisition is complete, or when the sum is fully utilised.\nThe acquisition is expected to be partially funded with Australian dollar denominated bank loans for natural hedge. The net distributions from the 2 trusts holding the assets are also expected to be hedged, said the Reit manager.\nAfter the acquisition, CICT's aggregate leverage is expected to be about 41 per cent, based on pro forma estimates.\nTony Tan, the chief executive officer of the manager, said the acquisition enables CICT to recycle capital from the divestment of its 50 per cent interest in One George Street, at an exit yield of 3.17 per cent per annum, into 2 higher-yielding office assets at a combined implied net property income yield of 5.2 per cent per annum.\nTeo Swee Lian, chairman of the manager, said it is an opportune time for CICT to enter Australia given its \"attractive office market underpinned by healthy economic fundamentals in the medium to long term, and expected recovery as the country emerges from Covid-19 restrictions\".\nShe noted that Sydney is witnessing major development and rejuvenation initiatives in line with its government-backed ambition to become a leading innovation and technology hub in the region.\n\"The acquisition will allow CICT to gain a foothold in Australia, one of Asia Pacific's largest developed markets, and opens CICT to more opportunities to drive growth.\"\nUnits of CICT closed S$0.03 or 1.4 per cent lower at S$2.07 on Thursday.","kind":null,"is_publish_news":false,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":601186396,"gmtCreate":1638497959192,"gmtModify":1638497959314,"author":{"id":"3571612770300673","authorId":"3571612770300673","name":"Rickyt089","avatar":"https://static.tigerbbs.com/4e75fb09fa53aa8d7db329d6599d40c1","vip":1,"crmLevel":6,"crmLevelSwitch":0},"htmlText":"Like pls","listText":"Like pls","text":"Like 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