SINGAPORE (EDGEPROP) - The manager of CapitaLand Integrated Commercial Trust (CICT) has divested JCube, a mall located in Jurong Gateway, to CapitaLand Group for a consideration of $340 million.

On Jan 24, CICT announced that it has entered into a sale and purchase agreement (SPA) with Tanglin RE Holdings for the sale of the property. Tanglin RE Holdings is an indirect subsidiary of CapitaLand.

Under the SPA, the mall will be sold subject to its existing tenancies and licences.

Upon the completion of the SPA, Tanglin RE Holdings will grant CICT’s trustee a right of first refusal for 10 years if JCube is redeveloped into a new mixed-use development with a commercial component, or if the mall is redeveloped into a new commercial development.

JCube has a total of five storeys, with three basement levels and a roof garden. It has a total net lettable area of 210,038 sq ft with a 99-year leasehold with effect from March 1, 1991.