CICT's $6.4 billion asset swap

The Edge Singapore 04-20

CICT announces plans to divest Asia Square Tower 2 at a yield of 3% and to acquire Paragon at a yield of 3.9% along with a placement to raise $600 million.CapitaLand Integrated Commercial Trust (CICT)...

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To partly fund Paragon, CICT has announced a placement to raise no less than $600 million.\nAccording to CICT’s press release, AST2 had reached a stable phase in its investment cycle, presenting an opportune window to monetise the asset. The divestment, on an as-is-where-is basis, represents a 9.9% premium to the market valuation of $2.252 million as at Dec 31, 2025. CICT will redeploy the proceeds into the higher yielding Paragon, while preserving balance sheet strength.\nParagon is being acquired at a net property income yield of 3.9% compared to AST2’s divestment yield of 3%, making the transaction yield accretive.\nThe divestment is expected to be completed in 2H2026, subject to the purchaser obtaining shareholders’ approval by way of an ordinary resolution at an extraordinary general meeting, and relevant tax confirmation from Inland Revenue Authority of Singapore. AST2 was valued at $2.252 billion as at Dec 31, 2025. CapitaLand Commercial Trust acquired AST2 in 2017 for $2.095 billion. \nTan Choon Siang, CEO of CICT's manager, says: “Paragon is a rare, premier freehold integrated development in the heart of Orchard Road. This acquisition strengthens the resilience and quality of CICT’s Singapore-focused portfolio, combining sizeable, upscale retail exposure with a defensive medical component, which is supported by strong structural tailwinds such as an ageing population and rising medical tourism. The asset’s ability to sustain strong committed occupancy across market cycles over the years underscores its enduring appeal to both tenants and consumers.\n“The proposed acquisition also deepens our presence in Singapore’s tightly held and highly sought-after downtown precinct. Leveraging our proven track record, we are confident to continue delivering its sustainable income growth.\n“In addition, the timely divestment of AST2 at an exit yield of 3.0% enabled us to unlock value from a leasehold office asset and redeploy capital into a freehold integrated development, at a higher net yield of 3.9%. The proposed acquisition is expected to be DPU accretive, while maintaining CICT’s aggregate leverage at a prudent level. This demonstrates our continued focus on enhancing income resilience and creating long-term value for unitholders.”","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2628067740","isCrawlerRequest":true}