CICT Sells 50% Stake In One George Street

CICT Sells 50% Stake In One George Street For S$640.7mil

SINGAPORE – CapitaLand Integrated Commercial Trust (CICT) has sold a half-stake in One George Street, a 23-storey Grade A office building, for S$640.7 million, according to local bourse (SGX) filings published on Friday evening (12 November, SGT).

In total, One George Street was sold to SG OGS, a private limited company, for S$1.28 billion (S$2,875 psf).

Based on the valuation conducted by Knight Frank, the open market value of One George Street as of 30 September 2021 stood at S$1,175 million. The valuation was carried out utilising the capitalisation method and the discounted cashflow method.

Previously, CapitaLand Commercial Trust (CCT) divested the office building for S$1.18 billion to a limited liability partnership known as OGS LLP, of which the trust owned 50 percent. The half-stake was then absorbed into CICT after CapitaLand Mall Trust and CCT had merged.

Located in Raffles Place within Singapore’s central business district, the commercial property has an overall net leasable area (NLA) of 445,735 sq ft. As of 30 September 2021, the office building has a committed occupancy rate of 96.9 percent.

As of the year ended 30 September 2021, it has a net property income (NPI) of S$30.4 million for a 100 percent stake of the asset. The selling price also translates to an exit yield of around 3.17 percent based on the consideration and annualised year-to-date (NPI).

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