CMT & CCT Announce Proposed Merger To Form Third Largest REIT In APAC

24 January 2020 — CapitaLand Mall Trust Management Limited (CMTML) and CapitaLand Commercial Trust Management Limited (CCTML), the respective managers of CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT), jointly announced the proposed merger of CMT and CCT to create a diversified commercial real estate investment trust (REIT) to be named “CapitaLand Integrated Commercial Trust” (CICT or merged entity).

CICT is expected to be the third largest REIT in Asia Pacific (APAC) and the largest REIT in Singapore, with a market capitalisation of S$16.8 billion2 and a combined property value of S$22.9 billion.

The Proposed Merger will be effected by way of a trust scheme of arrangement, with CMT acquiring all units of CCT for a total consideration comprising approximately 88% in new units in CMT and 12% in cash.

The consideration per CCT Unit comprises 0.720 new CMT Units and S$0.2590 in cash. This implies a gross exchange ratio of 0.820. Following the Proposed Merger, CapitaLand Limited will retain its sponsor stake of approximately 29.1%3 in the merged entity.

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