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It is set to be CapitaLand’s primary investment vehicle for commercial real estate in Singapore.
CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) will form a merger to create the commercial REIT CapitaLand Integrated Commercial Trust (CICT), a news release revealed.
The REIT is set to be the largest one in Singapore and the third largest in the Asia Pacific with a market capitalisation of $16.8b and combined property value of $22.9b.
The proposed merger will be effected by way of a trust scheme of arrangement, with CMT acquiring all units of CCT for a total consideration comprising approximately 88% in CMT units and 12% in cash. The consideration per CCT unit comprises 0.720 new CMT units and $0.259 in cash, implying a gross exchange ratio of 0.820.
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