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CapitaLand Integrated Commercial Trust to Sell Asia Square Tower 2 for $2.48 Billion
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On Monday, April 20, Singapore's CapitaLand Integrated Commercial Trust announced its agreement to sell Asia Square Tower 2, a commercial property located in the Marina Bay area, to Malaysia's IOI Properties for $2.48 billion.
The 773,000 sq ft property, which includes office, hotel, and retail spaces, was completed in 2013 and was valued at $2.25 billion as of December 31, according to the company.
The trust anticipates a profit of approximately $199.9 million after accounting for divestment costs from the net proceeds, with the transaction expected to finalize in the second half of 2026.
In a separate announcement, the trust revealed plans to acquire Paragon, a high-end retail mall, for nearly $3.85 billion from Singapore's state-owned investment company, Temasek.
The acquisition will be financed through a mix of debt, a $600 million private placement, and proceeds from the sale of Asia Square Tower 2.
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