Unitholders of CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) have voted in favour of the proposed merger of CMT and CCT to form a diversified commercial real estate investment trust (REIT), to be named “CapitaLand Integrated Commercial Trust” (CICT) following completion of the transaction.
More than 3,000 unitholders voted by proxy at CMT’s extraordinary general meeting (EGM) and CCT’s EGM and trust scheme meeting.
All five resolutions at the three meetings were duly passed and well supported, said the company in a statement. ”CICT is expected to be one of the largest REITs in Asia Pacific and the largest REIT in Singapore by market capitalisation (S$12.7 billion) and total portfolio property value (S$22.4 billion).”
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It is also expected to be the largest proxy for Singapore commercial real estate with a diversified portfolio of 24 strategically-located and high-quality retail, office and integrated developments in Singapore and overseas.
“We are heartened and humbled by the resounding support given by CMT Unitholders for the Merger. To receive a strong mandate amidst the uncertainties of COVID-19 to deliver the transformative merger is an honour and a responsibility we do not take lightly. Underpinned by leadership and resilience, the Merged Entity will be in a stronger position to seize the opportunities across retail, office and integrated developments in our focus market of Singapore. We remain firmly committed to delivering sustainable distributions and long-term returns for our unitholders, something we have been doing in CMT and will continue to do in CICT. We thank CMT Unitholders for your trust and support as we embark on this new journey as CICT” said Tony Tan, CEO of CMT Manager.
“We are encouraged by the decisive vote that CCT Unitholders have given for the Merger. The unwavering confidence and trust that CCT Unitholders have placed with us over the years and for this Merger is received with humility and gravity, and we are truly grateful. The Merger is an important milestone in our journey through evolving market trends and a changing real estate landscape to deliver sustainable returns to CCT Unitholders. The Merger with CapitaLand Mall Trust to form CapitaLand Integrated Commercial Trust will put us at the forefront to seize opportunities, create value and weather uncertainties and challenges. We remain resolute in our commitment to CCT Unitholders to deliver long-term sustainable returns through the new Merged Entity,” said Kevin Chee, CEO of CCT Manager.
Under the trust scheme, CMT will be acquiring all the units in CCT held by CCT Unitholders in exchange for a combination of new units in CMT and cash. The consideration for each CCT Unit under the Trust Scheme (Scheme Consideration) comprises 0.720 new CMT Units (Consideration Units) and S$0.2590 in cash (Cash Consideration).
 and CapitaLand Commercial Trust (CCT) have voted in favour of the proposed merger of CMT and CCT.){kind=link}