Among
the noteworthy deals of the past week was CICT’s sale of the Citadines Raffles
Place in Singapore for S$280 million to BlackRock and Malaysia’s YTL Corp.
SINGAPORE — Singapore-based
CapitaLand Integrated Commercial Trust (CICT) has sold the residential element
of Singapore’s CapitaSpring building for S$280 million ($216.2 million) to
BlackRock and Malaysia’s YTL Corp., according to Mingtiandi.
The 299-key
Citadines Raffles Place occupies floors nine to 16 of the 51-story building.
CICT held a 45% stake in the Citadines Raffles Place under a joint venture with
CapitaLand Development and Mitsubishi Estate. CIC’s estimated net proceeds from
the transaction, which is expected to close in the second quarter, are S$37.8
million with an exit yield of 3.6%.
To download
our list of deals from the past week in Excel format, click here.