- CapitaLand Integrated Commercial Trust (CICT, SGX:C38U) has proposed to acquire a 50.0% interest in ION Orchard (includes ION Orchard, ION Orchard Link, ION Art Gallery and ION Sky) from its sponsor, CapitaLand Investment (SGX:9CI), for an agreed property value of S$1,848.5m (50% basis).
About ION Orchard
- - Read this at SGinvestors.io -
- There is also room for improvement to this, as current committed occupancy of ION Orchard is at ~96%, as at 30 Jun 2024, while we believe rents at Orchard Road malls can maintain its uptrend in a soft landing environment.
Proposed acquisition to be mainly funded by equity fund raising via private placement and PO to raise~S$1.1b
- - Read this at SGinvestors.io -
- The preferential offering (PO) issuance price will be S$2.007, or a discount of 5.8% to its last closing price prior to CICT's announcement. Total proceeds from the private placement and PO will be ~S$1.1b, with 549.0m new CICT units to be issued.
DPU accretive on proforma basis with aggregate leverage expected to remain stable
- Read more at SGinvestors.io.
