Shareholders approve CapitaLand Mall Trust, CapitaLand Commercial Trust merger and other APAC REIT news

Shareholders of Singapore-listed CapitaLand Mall Trust and CapitaLand Commercial Trust have overwhelmingly approved their proposed merger, paving the way for the largest REIT in Singapore.

The new trust, CapitaLand Integrated Commercial Trust, is expected to be one of the largest REITs in Asia Pacific. It will become the largest REIT in Singapore by market cap worth S$12.7bn and total portfolio property value worth S$22.4bn.

The new REIT is set to become the largest proxy for Singapore commercial real estate with a diversified portfolio of 24 retail, office and integrated developments in Singapore and overseas. The merger is scheduled to take effect on October 21.

“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,” said Tony Tan, CEO of CMT’s manager.

Shares in CapitaLand Mall Trust and CapitaLand Commercial Trust finished trading flat at S$1.99 and S$1.69, respectively.

Nippon Accommodations Fund buys Tokyo residential stake for ¥2.2bn

Tokyo-listed Nippon Accommodations Fund has bought a 35% stake in an apartment complex in Koto-ku, Tokyo from Mitsui Fudosan Residential for ¥2.2bn.

The Park Axis Toyocho Shinsui Koen property is within walking distance of the Minami-Sunamachi station on the Tokyo Metro Tozai line and takes 15 minutes to travel to Otemachi Station from Minami-Sunamachi Station.

The asset, which is expected to be in demand by singles or small households, features 190 residential units and two retail units located near shopping districts and commercial properties.

The deal takes Nippon Accommodations Fund’s portfolio to 129 buildings comprising 12,627 residential and retail units across Tokyo and other major cities in Japan, totalling ¥318bn.

Nippon Accommodations Fund shares closed 0.48% lower at ¥616,000 on Tuesday.