Unitholders of CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) have voted in favour of the proposed merger between the two REITs.
The merger will create a diversified commercial REIT which will be known CapitaLand Integrated Commercial Trust (CICT) .
More than 3,000 unitholders voted by proxy at CMT’s and CCT’s EGMs and trust scheme meeting held via electronic means on 29 September.
All five resolutions at the three meetings were duly passed and well supported, with more than 98% of votes in favour of the merger, said the REITs.
CICT is expected to be one of the largest REITs in Asia Pacific and the largest REIT in Singapore by market capitalisation at SGD12.7 billion (USD9.2 billion) once the merger completes.
The REIT’s total portfolio property value will be SGD22.4 billion.
CICT is also expected to be the largest proxy for Singapore commercial real estate with a diversified portfolio of 24 retail, office and integrated developments in Singapore and overseas.
Under the merger’s trust scheme, CMT will be acquiring all the units in CCT for 0.72 new CMT units, and SGD0.2590 in cash each.
The merger is expected to become effective on Wednesday, 21 October 2020.
CCT’s last day of trading is expected to be Friday, 16 October 2020.
CMT and CCT were suspended from trading on the Singapore Exchange on 29 September, pending the EGMs.