- CapitaLand Integrated Commercial Trust has entered into agreements with CapitaLand Development Limited (CLD) and Mitsubishi Estate Co (MEC) to acquire their respective 45% and 10% interests in the commercial component of CapitaSpring at an agreed property value of S$1,900m (100% interest). The entry NPI yield is 4.2%.
- - Read this at SGinvestors.io -
Trophy asset at the heart of Raffles Place with reputable tenants.
- CapitaSpring is a 51-storey premium Grade A office tower located at Raffles Place, in the heart of Singapore’s CBD, with a sheltered linkway to the Raffles Place MRT interchange.
- - Read this at SGinvestors.io -
Steady performer with limited supply as protective moat.
- CapitaSpring registered positive rental reversion of 5-7% in 2023 and 2024 and 7% in 1H25. Management guides positive rental reversion at mid-single digit on a full-year basis in 2025, given the anticipated moderation in 2H25.
- Occupancy was 99.9% as of Jun 25. Tenant retention was healthy at above 90%. CapitaSpring will benefit from the limited supply of Grade A office space within the core CBD.
- CapitaLand Integrated Commercial Trust’s exposure to Singapore would grow from 94% to 95% of portfolio valuation.
Positive accretion despite modest scale of acquisition.
- Read more at SGinvestors.io.
