CICT solidifies position as Singapore's largest retail landlord with 50% ION Orchard stake acquisition

The company’s total portfolio value will increase to $26.4b from $24.5b.

CapitaLand Integrated Commercial Trust's (CICT) acquisition of a 50% stake in the ION Orchard Mall will solidify its retail presence downtown, reinforcing its position as the largest retail landlord in Singapore according to S&P Global Ratings.

The property has a high occupancy rate of 96% as of June 30, 2024. Upon deal completion, the REIT's retail properties along Orchard Road will account for 25% of its total retail leasing area. Its total portfolio value will increase to $26.4b from $24.5b.

ION Orchard will also allow CICT to ride a tourism recovery in Singapore. This is because the property is located at a major transportation node on Orchard Road. It is also a premier destination mall, with retailers purveying items from luxury to essential.

International tourist arrivals in Singapore in the year to July 2024 increased by 27% from the same period in 2023.