CapitaLand Investment Limited (CLI) and its joint venture partners for 79 Robinson Road -­ Mitsui & Co. Ltd. and Tokyo Tatemono Co. Ltd. ­- have entered into agreements to divest their 100% interest in the property to CLI-sponsored investment vehicles CapitaLand Integrated Commercial Trust (CICT) and CapitaLand Open End Real Estate Fund (COREF).

The agreed property value, arrived at on a willing-buyer and willing-seller basis, is SGD 1,260.0 million or SGD 2,423 per square foot. CLI's effective stake in the property is 65%. The transaction is targeted to be completed in Second Quarter 2022.

Upon completion, CLI is expected to receive proceeds of about SGD 391 million and realise an estimated gain of SGD 72 million. Located in the Tanjong Pagar sub-market of Singapore's central business district, 79 Robinson Road is a Grade A office building completed in April 2020 with a remaining land tenure of around 45 years. The 29-storey property comprises about 514,950 square feet of office space and 4,999 square feet of ancillary retail space, with a committed occupancy of 92.9% as at 31 December 2021.

Its weighted average lease expiry is 5.8 years and office tenants include multinational companies from diverse sectors such as banking, legal, insurance & financial services, business consultancy, IT, aviation, media and telecommunications. As at 31 December 2021, CLI had a pipeline of approximately SGD 10 billion of high-quality investment properties on its balance sheet, intended for recycling to its various fund platforms over the next three to four years, which will be an important contributor to the Group's FUM, FRE and return-on-equity growth. The Group targets to recycle at least SGD 3 billion of assets annually.