The real estate investment trust has been negotiating the purchase of a 39-story office building called Duo Tower, along with the connected Duo Galleria mall, according to the people. The property could be valued at more than S$1.5 billion , one of the people said, asking not to be identified because the information is private.
The development is owned by M+S Pte, a joint venture set up in 2011 between Malaysian sovereign fund Khazanah Nasional Bhd. and Singapore state investment firm Temasek Holdings Pte. No final agreements have been reached, and there’s no certainty the talks will result in a transaction, the people said.
German ArchitectCapitaLand Commercial Trust was down 2 percent at 2:37 p.m. Tuesday in Singapore, on track for the biggest drop since November. The benchmark Straits Times Index was little changed. A representative for the manager of CapitaLand Commercial Trust said it “continually evaluates opportunities” that have a strategic fit with the REIT and can create value. A representative for M+S declined to comment.
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