SINGAPORE (EDGEPROP) - CapitaLand Integrated Commercial Trust is divesting One George Street and will book net proceeds of $344.8 million for its 50% stake.

The 23-storey Grade A office building at the Raffles Place area is being sold for $1.2815 billion to an entity known as SG OGS.

Knight Frank values the property at $1.175 billion as of Sept 30.

At the transacted price, that’s a unit price of $2,875 per square foot and was arrived at through a bidding process conducted by an appointed property consultant, believed to be CBRE.

CICT’s share of the proceeds is around $640.7 million and based on the annualized year-to date September 2021 net property income and the consideration, the exit yield is approximately 3.17%.

One George Street has a total net lettable area of 445,735 square feet and its committed occupancy rate was 96.9% as at Sept 30 2021.

The property’s net property income for year-to-date September 2021 was $30.4 million on a 100% interest.

The transaction is expected to close next month.

CICT closed Nov 12 at $2.17, up 0.93%.

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