Rivervale Mall at Sengkang will soon have new owners, following CapitaLand Mall Trust’s (CMT) decision to sell the property to a private equity fund managed by AEW Asia for S$190.5 million.
CMT, which announced the sale on Thursday (Oct 15), said it will realise a gain of about S$72 million, after taking into account the divestment fee and other expenses. The property had been valued at S$116 million in June this year.
The sale of Rivervale Mall is expected to be completed on or about Dec 15. Upon completion, CMT will be left with a portfolio of 16 operational shopping malls in Singapore.
Completed in 2001, Rivervale Mall is a three-storey shopping mall with a net lettable area of 81,159 sq ft. Its major tenants include NTUC, Daiso, McDonald’s and United Overseas Bank. The mall had a committed occupancy of 100 per cent as at 30 Sep.
CMT is Singapore’s largest retail property landlord. It is also the Republic’s largest real estate investment trust (REIT) by market capitalisation, and its other properties in Singapore include Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis Junction and Clarke Quay. The trust also has stakes in Raffles City Singapore and Westgate.
Source : Channel NewsAsia – 15 Oct 2015