International
Singapore's CapitaLand Trust to Divest Asia Square Tower 2 in $1.95 Billion Deal
Singapore's CapitaLand Integrated Commercial Trust has agreed to sell Asia Square Tower 2, a commercial development in the Marina Bay precinct, to Malaysia's IOI Properties for S$2.48 billion ($1.95 billion).
April 20: The 773,000 sq ft property, which houses office, hotel, and retail space, was completed in 2013 and was valued at S$2.25 billion as of December 31.
Asia Square Tower 2 Sale
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Sale price: S$2.48 billion ($1.95 billion)
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Buyer: IOI Properties (Malaysia)
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Expected gain: ~S$199.9 million (after divestment expenses)
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Expected closing: Second half of 2026
Paragon Mall Acquisition
In a separate announcement, the trust said it will acquire Paragon , a luxury retail mall, for nearly S$3.85 billion from Singapore's state-owned investment firm Temasek.
Funding for Paragon Acquisition
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Debt
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S$600 million private placement
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Proceeds from Asia Square Tower 2 sale