CapitaLand Integrated Commercial Trust (CICT) has sold an office building in Singapore to an unrelated third-party for S$688m (€484m).
The manager of CICT, CapitaLand Integrated Commercial Trust Management, said the 21 Collyer Quay building in Raffles Place was sold seller in line with the independent valuation of the property.
However, when the trust first listed the building for sale earlier this year, it was reported to be seeking between S$700m and S$800m for the 21-storey building. The entire building was leased to WeWork in 2022.
Capitaland said it will use the S$681.7m net proceeds from the sale proceeds to repay debt, fund capital expenditure and for general corporate purposes.
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