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CapitaLand Mall Trust (CMT) on Thursday (15 October) announced that it has entered into an agreement to sell Rivervale Mall (pictured) to a property equity fund managed by AEW Asia for S$190.5 million.
Notably, Colliers International was appointed as the exclusive sale advisor to conduct a competitive bidding process for the property.
The mall in Sengkang competed in 2001 is on a 99-year lease term beginning December 1997. Three storeys high, the shopping mall has a net lettable area of 81,159 sq ft and has a 100 percent committed occupancy as of 30 September.
CapitaLand Mall Trust Management, which released a statement for CMT yesterday, said realise a gain of about S$72.0 million from the sale of Rivervale Mall after taking into account the divestment fee and other divestment related expenses. Based on the latest independent valuation as at 30 June 2015, the property is valued at S$116.0 million.
CMT is largest REIT in Singapore by market capitalisation, valued at S$7.4 billion (as at 30 June 2015). Some of its properties include Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis Junction, JCube, and it also owns stakes in Raffles City Singapore, Bugis+ and Westgate.
Image source: Colliers International
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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