Glory Office Pte. Ltd.’s S$296.1 million sale of 45% interest in CapitaSpring’s office and retail component to CICT

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, acted for Glory Office Pte. Ltd. (a wholly-owned subsidiary of CapitaLand Development) in relation to sale of 45% of the issued units in Glory Office Trust to CapitaLand Integrated Commercial Trust (CICT). The remaining 10% was sold by MEA Commercial Holdings Pte. Ltd. to CICT. Glory Office Trust holds the office and retail component of CapitaSpring, an integrated development in Raffles Place, Singapore. The estimated purchase consideration payable to Glory Office Pte. Ltd. and MEA Commercial Holdings Pte. Ltd. is S$296.1 million and the combined deals value CapitaSpring at approximately S$1.9 billion. Partner Favian Tan from the Mergers & Acquisitions Practice and Partners Benjamin Tay and Marcus Tay from the Corporate Real Estate Practice led the transaction