CCT sells One George St. for $1.18b

The property will be turned into a limited liability partnership.

CapitaLand Commercial Trust announced that its trustee HSBC Institutional Trust Services has sold One George Street for $1.18b, turning it into a limited liability partnership, which it will own 50% of.

CCT will hold 50% of the OGS LLP while the joint venture partner will hold the remaining 50%. The transactions are expected to be completed by end June 2017.

CCT is expected to recognise an estimated gain of $84.6m on the divestment of the property on a 50.0% basis. After taking into consideration the estimated transaction and related costs of $4.9m, the approximate net gain is $79.7m.

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With a total net lettable area of 41,478 square metres (446,473 square feet), One George Street is a 23-storey Grade A office building conveniently located near Raffles Place, Clarke Quay and Chinatown MRT stations.

The building features eco-friendly attributes, large and efficient floor plates, advanced building automation, a generous number of car parking lots, spacious sky gardens and excellent views. It houses amenities including F&B outlets, a clinic, a fitness centre and a swimming pool at the 5th storey sky garden.

As at 31 March 2017, One George Street had a committed occupancy rate of 96.5% and contributed 11% to CCT’s 1Q 2017 net property income. The top three tenants are Borouge Pte Ltd, Diageo Singapore Pte Ltd and Her Majesty The Queen in Right of Canada, as represented by the Minister of Foreign Affairs.