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CapitaMall Trust (CMT) on Tuesday (14 July) announced the acquisition of Bedok Mall for S$780 million.
Singapore’s largest shopping mall trust, CapitaMall Trust said it has entered into a sale and purchase agreement with sponsor CapitaLand.
Opened in December 2013, Bedok Mall is part of an integrated retail-residential-transport development at Bedok Town Centre, which also includes the 583-unit condominium Bedok Residences developed by CapitaLand.
The mall has a net lettable area of approximately 222,500 sq ft and has over 200 shops spread across four storeys.
“The proposed acquisition of Bedok Mall complements CMT’s current portfolio of mainly suburban malls catering to the necessity shopping segment, which has proven to be resilient through different economic cycles. It will increase CMT’s asset size from S$10.2 billion to about S$11.0 billion,” said Wilson Tan, CEO of trust manager CapitaMall Trust Management Limited.
Bedok Mall joins CMT’s portfolio of malls that include Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, JCube, Lot One Shoppers’ Mall, Rivervale Mall, The Atrium@Orchard, Clarke Quay, Bugis+, as well as Raffles City Singapore and Westgate where in it owns 40 percent and 30 percent interest respectively.
Image: Bedok Mall (Source: CapitaMall Trust)
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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