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Bond Market News
CapitaLand Divests Stake in One George Street
November 15, 2021
CapitaLand Integrated Commercial Trust’s (CICT) announced that the trust will divest its stake in One George Street to SG OGS, a private company, at a valuation of S$1.28bn.CICT will receive ~S$640.7mn, or 50% of the consideration for the sale. SG OGS has paid 10% of the consideration, or S$128.1mn as deposit upon signing the sale and purchase agreement with the balance to be paid when the sale is completed. Post-divestment, CICT will receive ~S$344.8mn in net proceeds, which its manager said will give it greater flexibility to repay debt, finance any capex and asset enhancement works, investments or finance general corporate and working capital requirements. Business Times notes that the sale is not expected to have any material effect on the NAV (Term of the Day, explained below) per unit or distribution per unit of CICT for its financial year ended Dec 31, 2021.
CapitaLand’s bonds were stable with its SGD 3.65% Perp at 100.224, yielding 3.57%.
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