CICT acquires two Australia-based properties for $150m

The two properties are located at 66 Goulburn Street and 100 Arthur Street. 

Two Australian-based properties were acquired by CapitaLand Integrated Commercial Trust (CICT) for around $150m.

Following completion of the transaction, the two properties, 100 Acacia Arthur Trust and 66 Acacia Goulburn Trust, will be renamed to Gateway Arthur Trust and Gateway Goulburn Trust, respectively. All units under the properties will also fall under CICT.

Funds used for the acquisition will come from an earlier private placement of 127,551,000 units, announced last 8 December, which yielded a total of $250m. 

When broken down, $116.9m was utilised to fund the acquisition, whilst the remaining $33.1m was used to finance the deposit for the acquisition. 

$20.5m was used to finance the deposit for a 50% interest acquisition of 101-103 Miller Street and Greenwood Plaza, North Sydney, Australia. Around $3.5m will be allocated for transaction-related expenses incurred by CICT, with the remaining $76m not being utilised.