CapitaLand Integrated Commercial Trust (CICT) has raised S$600m (€402m) through a private placement to help fund its S$1bn acquisition of the remaining 55% stake it does not already own in the CapitaSpring office complex in Singapore.
CICT bought a 45% share in the asset from CapitaLand Development Limited (CLD) and 10% from Mitsubishi Estate Co - the interest in CapitaSpring is held in a vehicle known as Glory Office Trust.
To finance the deal, CICT launched the private placement, raising S$600m from an initial target of S$500m.
Teo Swee Lian, chairman of CICT Management, the manager of the trust, said: “CICT’s full ownership of CapitaSpring’s office tower underscores our commitment to long-term value creation. Originally a multi-storey car park, CapitaSpring has been strategically redeveloped into a thriving, high value integrated development that now houses one of the most premium Grade A office properties.”
She said CapitaSpring had consistently performed well, maintaining nearly 100% committed occupancy as at 30 June 2025, underpinned by good quality tenants from diverse trade sectors.
Tan Choon Siang, CEO and executive director of the manager of the trust, said the total acquisition outlay was approximately S$482.3m, which comprised the estimated purchase consideration, and other transaction-related expenses.
Following the transaction, CICT will increase its Singapore exposure from approximately 94% to 95% of its portfolio, valued at S$27bn.
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