Stake changes: Temasek’s interest in CapitaLand Integrated Commercial Trust declines

CapitaLand Integrated Commercial Trust (CICT) entered a deal to acquire the 100 Arthur Street property in Sydney, Australia, in December 2021. Credit: CapitaLandCapitaLand Integrated Commercial Trust (CICT) entered a deal to acquire the 100 Arthur Street property in Sydney, Australia, in December 2021. Credit: CapitaLand

Singapore substantial shareholder changes: CapitaLand Integrated Commercial Trust and Temasek Holdings.

Temasek Holdings, Singapore’s state-owned investment company, saw its deemed interest in CapitaLand Integrated Commercial Trust (CICT) fall to 23.91 percent from 24.35 percent previously after the trust’s private placement of new units, according to a filing to SGX Tuesday.

Earlier this month, CICT said it would issue 127.55 million new units at S$1.96 each to raise around S$250 million, with some of the proceeds used to partially finance the acquisition of two properties in Australia.

The trust had entered a deal to acquire two Grade-A office buildings in Sydney, Australia, from CapitaLand Real Estate Holdings (CLA) for A$330.7 million (S$330.7 million).

Temasek, which does not have any direct interest in the CICT units, is deemed interested in units held via CLA Real Estate Holdings, Fullerton Fund Management, Seatown Holdings, Keppel Corp. and DBS Group, the filing said.

Fullerton Fund Management participated in CICT’s private placement, acquiring 1.6 million new units, the filing said, noting the entity holds around 1.22 percent of CICT.

In addition, CapitaLand Group’s deemed interest in CICT fell to 22.56 percent from 23 percent after the placement, according to a separate filing to SGX.

CapitaLand Investment‘s wholly owned subsidiaries hold an aggregate 22.56 percent of CICT, the filing said.

CapitaLand Group, which is wholly owned by CLA Real Estate Holdings, owns 52.35 percent of CapitaLand Investment, the filing said, adding both CapitaLand Group and CLA Real Estate Holdings are deemed interested in those units.