CapitaLand Integrated Commercial Trust Secures Unitholders' Approval for Paragon Mall Buy

MT Newswires06-11

Unitholders of CapitaLand Integrated Commercial Trust (SGX:C38U) approved the acquisition of Paragon Mall at the REIT's extraordinary general meeting on June 10, according to a same-day filing with the Singapore Exchange.

About 99.96% of votes cast were in favor of the transaction, the filing showed.

Ahead of the meeting, some unitholders had raised questions about the REIT's proposed SG$3.9 billion purchase of the Orchard Road mall.

The REIT's former chief executive, Ng Ee Peng, questioned the property's long-term strategy, The Business Times reported.

Several unitholders also questioned the timing of the deal, suggesting the acquisition could have been delayed until asset prices softened, according to the report.

In addition, unitholders expressed concerns about portfolio concentration, noting that a significant portion of the REIT's assets are located in Singapore's downtown area, the report said.

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