CMT and CCT merge to form Singapore's largest REIT | / Property news / CMT and CCT merge to form Singapore's largest REIT

CMT and CCT merge to form Singapore's largest REIT

Fresh property news selection on January 22. 2020, Wednesday.

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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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