CapitaLand Integrated Commercial Trust (CICT) has completed the proposed acquisition of ION Orchard after receiving approval from its unitholders on Oct 30.
Following the completion of the proposed acquisition, the REIT now holds a 100% stake in CapitaLand Retail Singapore Investments Pte. Ltd., which holds an indirect 50% interest in ION Orchard and ION Orchard Link.
On Sept 3, CICT’s manager announced that it was proposing to acquire 50% of ION Orchard at an agreed property value of $1.85 billion. CapitaLand Investment (CLI) will divest its 50% stake to the REIT.
The mall is currently held in a joint venture with Hong Kong-listed Sun Hung Kai Properties, which holds the remaining 50%.
Units in CICT closed 2 cents lower or 0.98% down at $2.02 on Oct 30.
