CapitaLand Integrated Commercial Trust (CICT)

[CY09]

Dont think whichever company that takes over wework Singapore subsidary will maintain the 14 locations. I have been to wework/spaces/justco and what I can say is that the takeup area for their avaliable spaces has worsened since the days of 2022 when i went to meet a vendor who uses hot desking space to meet the extra projects dished out to them.

With so much vacancies, I do not think business is profitable as well. Am expecting if Wework singapore survives, it will only continue leasing a much fewer number of locations.

[EnSabahNur]

An update to the Gallileo property in Frankfurt, where Commerzbank is giving up the lease, but the English Theatre Frankfurt's status was uncertain.

This looks like a happy ending for everyone.

Also unconfirmed, it sounds like the ECB may be taking up the lease that Commerzbank is giving up.

https://adragonhoard.blogspot.com/2024/0...perty.html

[weijian]

15years after it first opened, Ion Orchard is finally in the hands of a Capitaland REIT. Beyond the usual stuff (financial engineering, rights issue etc), 2 things that are slightly different stands out:

(1) CICT will acquire the 50% stake in the property manager, since the way the JV is structured and uses an internal property manager). IIRC, it is quite similar to NTUC property arm (Mercatus Co-operative)'s sale to Link REIT in 2023.

(2) Further upside from tax exemption has not been accounted for in the accretive earnings calculation.

PROPOSED ACQUISITION OF 50.0% INTEREST IN ION ORCHARD AND ION ORCHARD LINK

Through the Proposed Acquisition, CICT will indirectly hold 50.0% of OTH and IOL which amounts to a 50.0% stake in the Property and a 50.0% stake in OTD, the property management function of the Property.

The pro forma DPU accretion may potentially be higher due to the possibility of tax savings should there be a conversion of the Property holding entities to allow for tax transparency, along with the possibility of a total payout from the Property. The potential conversion of the Property holding entities for tax transparency purposes is subject to the JV Partner’s agreement, and the approval of the relevant authorities.

https://links.sgx.com/FileOpen/CICT_Acqu...eID=817751