CapitaLand’s flagship REIT in Singapore, CapitaLand Integrated Commercial Trust (CICT), has moved to assuage concerns amid worries that one its largest tenant, WeWork, might soon go out of business.
Once trading at above USD12.00, the share price of WeWork has since plunged to as little as USD0.12 in the past week on revelations that it might soon call it a day.
In a filing with the Securities and Exchange Commision (SEC) on 8 August, the firm noted that it incurred net losses of USD0.7 billion for the six months that ended on 30 June 2023, compounding the billions of losses seen between FY2020 and FY2022.
This has raised concerns that WeWork Singapore, which occupies several locations at assets owned by REITs, will soon pull the plug on its operations.
Related: CapitaLand Ascendas REIT reframes impact of US assets on 1H 2023 results
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