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Wed, Oct 21, 2020 – 8:22 am
UPDATED Wed, Oct 21, 2020 – 9:58 am
The trust scheme for the merger of CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) became effective and binding on Wednesday.
Consequently, CCT participants will receive payment of the scheme consideration, comprising 25.9 Singapore cents in cash and 0.72 new units of CMT for each unit of CCT held, within seven business days.
The expected date of this payment is October 28, according to the indicative schedule of the trust scheme, the CMT manager said in a statement Wednesday morning.
CCT is expected to be delisted at 9 a.m. M. From November 3, while CMT changes its name to CapitaLand Integrated Commercial Trust the same day.
On Wednesday, the CMT manager also announced that the extended investment mandate of the real estate investment trust (Reit) has come into effect.
The expanded mandate is for the Reit to invest in commercial properties, including those used for business and / or office purposes, located primarily in Singapore.
Therefore, a novation agreement will also be signed on Wednesday for the existing right of first refusal that CapitaLand Singapore had granted to the CCT trustee, to be novated to CMT.
The scope of properties under this right of first refusal will be expanded to cover income-generating commercial real estate in Singapore, to be consistent with CMT’s expanded investment mandate.
Units of CMT fell S $ 0.01 or 0.5 percent to trade at S $ 1.91 at 9.55 am Wednesday.
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