CapitaMall To Buy S'pore Property For US$619m

Source : The Business Times, May 22, 2008

Singapore-listed Reit CapitaMall Trust (CMT) said it is buying office development, The AtriumzOrchard, for $839.8 million (US$619 million) from the government through its trustee HSBC Institutional Trust Services.

CMT said the total acquisition cost, including purchase price and fees, would be $850 million and would be funded by a mixture of debt and convertible bonds.

The development, of two office towers of seven and 10 storeys, is located at Singapore's main shopping belt along Orchard Road, CMT said in a statement on Thursday.

It also has some ground floor retail space and is connected to a major train interchange.

Trading in shares of CMT was halted at 1400 (0600 GMT). -- REUTERS