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CapitaLand Commercial Trust (CCT) has completed its acquisition of Asia Square Tower 2 from BlackRock Asia Property Fund III L.P.
In an SGX filing, CCT’s manager revealed that HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of CCT, has completed the acquisition of Asia Square Tower 2 for an agreed property value of $2,094.0 million or $2,689 per sq ft.
“Pursuant to the trust deed constituting CCT dated 6 February 2004 (as amended), the manager will be receiving an acquisition fee of approximately $20.9 million (being one percent of the agreed property value), which will be paid in cash,” it added.
In a separate filing, CCT’s manager said that $690.4 million of its $700 million rights issue was used to part finance the acquisition, $6.3 million was used to pay the banks’ underwriting commission while $3.3 million was used “to pay the estimated professional and other fees and expenses expected to be incurred in connection with the rights issue”.
This article was edited by Keshia Faculin.
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