[UPDATE] CICT to divest One George Street, to book net proceeds of $344.8 mil

By The Edge Singapore / EdgeProp Singapore | November 13, 2021 5:33 PM SGT
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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.
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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 (Credit: CICT)
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%.
Check out the latest listings near One George Street, Raffles Place
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