CCT to sell Wilkie Edge to Lian Beng & Apricot Capital JV for $280 mil

CapitaLand Commercial Trust (CCT) will be selling Wilkie Edge to Lian Beng Group and Apricot Capital, the private investment firm of Super Group's Teo family, for $280 million or $1,812 psf based on the building’s net lettable area.
Wilkie Edge is a 12-storey integrated development which is made up of office, retail units and a serviced residence, Citadines Mount Sophia. The development has a gross floor area of approximately 215,000 sq ft and net lettable area of approximately 154,500 sq ft. According to CCT as at March 31, Wilkie Edge had a committed occupancy rate of 99.9% and contributed 3% to CCT's first-quarter 2017 net property income.
The top three tenants at Wilkie Edge are SF Consulting , Kaplan Learning Institute and Tower Research Capital (Singapore). Meanwhile, the serviced residence component is leased to Ascott Residence Trust for 96 years from 17 November 2008. The development currently has a balance lease of 88 years.
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CCT says the sale is expected to be completed in September 2017.