US EditionMalaysian Billionaire Brothers’ IOI Properties To Buy Prime Singapore Office Tower For $2 Billion
The trust expects the move to lift payouts by 2.1% as it shifts from a mature office tower to a higher-yielding retail and medical asset.
- On Monday, April 20, CapitaLand Integrated Commercial Trust announced it will sell Asia Square Tower 2 and acquire Paragon, a retail and medical complex on Orchard Road, for about $3.9 billion.
- Tan Choon Siang, chief executive of CICT's manager, stated the divestment allows the trust to unlock value from a mature office asset and reinvest proceeds into higher-yielding properties capturing long-term trends.
- Malaysia's IOI Properties Group acquires the 46-story Asia Square Tower 2, while Paragon houses more than 190 retail brands and includes a medical component strengthening CICT's portfolio diversity.
- This portfolio shift is expected to increase payouts to investors by about 2.1 per cent, while extending CICT's presence in Singapore's downtown shopping belt from Orchard Road to City Hall.
- IOI Properties Group CEO Lee Yeow Seng cited "continued conviction in prime Singapore assets" as the firm prepares to launch Malaysian and Singapore REITs within the next two years.
12 Articles
12 Articles
IOIPG shares rise on S$2.48bil Singapore acquisition plan
KUALA LUMPUR: IOI Properties Group Bhd's shares rose in early trade following the announcement that its wholly owned subsidiary IOI Marina View Pte Ltd plans to acquire Asia Square Tower 2 in Singapore for S$2.48 billion (S$1=RM3.10).
Malaysian Billionaire Brothers’ IOI Properties To Buy Prime Singapore Office Tower For $2 Billion
The acquisition will boost the presence of IOI Properties Group—controlled by Malaysian billionaire brothers Lee Yeow Chor and Lee Yeow Seng—in Singapore’s CBD, adding to its portfolio that includes IOI Central Boulevard Towers and South Beach Tower.
CapitaLand Trust to buy Paragon in S$3.9b deal, sells Asia Square Tower 2 for S$2.5b
CapitaLand Integrated Commercial Trust (CICT) said on Monday (Apr 20) it has agreed to sell Asia Square Tower 2, a commercial development in Marina Bay precinct, to Malaysia's IOI Properties for S$2.48 billion (US$1.95 billion).The 773,000-square-foot property housing office, hotel and retail space, completed
Baker McKenzie Advises IOI Properties Group On Its Proposed Acquisition Of Asia Square Tower 2 In Singapore For Approximately USD 1.9 Billion.
Baker McKenzie has advised IOI Properties Group (KLSE: IOIPG) on the signing of definitive transaction documents to acquire the BVI entity that wholly owns Asia Square Tower 2, a Grade A office tower located in Singapore’s Marina Bay precinct, from CapitaLand Integrated Commercial Trust (SGX: C38U), for approximately SGD 2.5 billion (~ USD 1.9 billion).As detailed in IOI’s announcement, the transaction is part of IOI Properties Group’s broader s…
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