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The changes come after the merger of CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust’s (CCT). Image: CapitaLand
CapitaLand Mall Trust (CMT) will trade as CapitaLand Integrated Commercial Trust (CICT) on SGX-ST from 9am on 3 November, following CapitaLand Commercial Trust’s (CCT) delisting.
CICT will have a trade name of CapLand IntCom T, with its stock code unchanged as C38U.
CICT’s manager CapitaLand Mall Trust Management Limited (CMTML) has also been renamed as CapitaLand Integrated Commercial Trust Management Limited (CICTML).
The changes come after the merger of CMT and CCT.
The new trading name reflects the investment mandate of CICT “to invest in quality income-producing commercial properties including those primarily used for retail and/or office purposes, located predominantly in Singapore”, said CICT in a release.
CICT revealed that it will focus on driving organic growth of the combined portfolio of properties, grow the portfolio by seeking acquisition opportunities, and create value by executing disciplined portfolio reconstitution.
One of Asia Pacific’s biggest real estate investment trusts (REITs), CICT is Singapore’s largest REIT by market capitalisation at $11.4 billion as well as total portfolio property value at $22.4 billion.
It is also the biggest proxy for Singapore commercial real estate with a portfolio of 24 office, retail and integrated developments. Of these, 22 are located in Singapore while the rest are in Frankfurt, Germany.
Meanwhile, CICTML’s board will also be reconstituted, with the reconstituted board comprising members from the former boards of CapitaLand Commercial Trust Management Limited (CCTML) and CMTML.
Specifically, four were formerly from CMTML’s board, two from CCTML and one served in both boards.
“Today marks an exciting new beginning for CapitaLand Integrated Commercial Trust. The Board and Management are deeply humbled by the support given by CICT Unitholders along this journey of transformation and we promise to reciprocate your trust by continuing to strive towards delivering stable distributions and sustainable total returns to Unitholders,” said CICTML Chairman Teo Swee Lian.
“Other than financial returns, we are also committed to addressing Environment, Social and Governance (ESG) issues for the benefit of our stakeholders. As we embark on this new chapter, I would like to welcome my fellow CICTML Board members and thank the former Board members of CMTML and CCTML, for their invaluable contributions in taking CICT to where it is today.”
“Under the guidance of the Board, my team and I commit to realise CICT’s potential as one of Asia Pacific’s largest REITs. Whilst the near-term challenges posed by COVID-19 remain, the bigger and more integrated platform will allow CICT to effectively capitalise on current and future real estate trends to create further opportunities for growth. We have already identified some of these opportunities and will be looking to execute them in the near future,” said CICTML CEO Tony Tan.
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