Deals
CapitaLand Commercial to Buy Singapore Tower From Partners
- Buys remaining CapitaGreen 60% stake for S$393 million
- CapitaLand, Mitsubishi Estate sell stakes in CapitaGreen
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CapitaLand Commercial Trust, Singapore’s largest office real estate investment trust by value, is buying the remaining 60 percent stake in CapitaGreen, an office tower in the city-state’s central business district.
CapitaLand Commercial will buy the stake for S$393 million ($285 million) from its partners, CapitaLand Ltd. and Mitsubishi Estate Asia Pte, the company said in a filing to the stock exchange on Monday. That compares with an average of two independent valuations for the 40-story tower of S$1.6 billion, or S$2,276 per square foot, over the remaining land tenure of 57 years.