CapitaLand Integrated Commercial Trust posts 3.5% rise in H1 DPU to S$0.0562

[SINGAPORE] CapitaLand Integrated Commercial Trust’s (CICT) distribution per unit (DPU) rose by 3.5 per cent to S$0.0562 for its first half ended Jun 30, 2025, on the back of an enlarged unit base compared with a year earlier.

Revenue for the half-year period was down slightly by 0.5 per cent at S$787.6 million, from S$792 million in the same period a year earlier. This resulted in a corresponding 0.4 per cent decrease in its net property income to S$579.9 million from the previous year.

The manager of CICT attributed the decline primarily to the absence of income from 21 Collyer Quay, which was divested on Nov 11, 2024, and the ongoing asset enhancement initiatives of Gallileo since February 2024.

Distributable income rose 12.4 per cent year on year to S$411.9 million, from S$366.5 million. This increase is attributed to the income contribution from Ion Orchard, which was acquired in October 2024, better performance from existing properties and lower interest expenses. However, the increase was partially offset by the divestment of 21 Collyer Quay.

The distribution will be paid out on Sep 18, after the record date on Aug 13.

Acquisition of CapitaSpring

In a separate announcement on Tuesday (Aug 5), the manager of CICT announced that it would acquire the remaining 55 per cent interest in CapitaSpring, a Grade A office tower in Raffles Place, for S$1 billion.

On Tuesday, CICT entered into unit purchase agreements with CapitaLand Development and Mitsubishi Estate, to acquire their respective 45 and 10 per cent interests in the commercial component of CapitaSpring for 55 per cent of the agreed property value of S$1.9 billion.

On a pro forma basis, the acquisitions are expected to deliver a DPU accretion of 1.1 per cent, assuming CICT had held and operated 100 per cent of CapitaSpring’s commercial component from Jan 1 to Jun 30, 2025.

CICT units closed on Monday at S$2.24, up 2.3 per cent or S$0.05.