<article>Singapore&#8217;s CapitaLand Commercial Trust Management Ltd (CCTML) is looking to divest Twenty Anson in Tanjong Pagar, Singapore for $516 million ($378 million), it said in an announcement on Friday.</article>

Singapore&#8217;s CapitaLand Commercial Trust Management Ltd (CCTML) is looking to divest Twenty Anson in Tanjong Pagar, Singapore for $516 million ($378 million), it said in an announcement on Friday.
The deal is being conducted via CCTML&#8217;s trustee HSBC Institutional Trust Services (Singapore) Ltd,
Completed in 2009, Twenty Anson is a 20-storey office building located within Singapore&#8217;s CBD and has a total net lettable area of about 206,000 sq ft. As of March 2018, it boasts an occupancy rate of 94.3 per cent. Its top tenants are Toyota Motor Asia Pacific, BlackRock Advisors Singapore and BCD Travel Asia Pacific.
The transaction will be completed in the third quarter of 2018. The sale consideration was arrived through a bidding process and is 19.2 per cent above the valuation of S$433 million ($317.7 million) and 20 per cent higher than CCT&#8217;s purchase price of S$430 million ($315.5 million) in 2012.
CCTML is the manager of <a href="https://www.dealstreetasia.com/?s=cct">CapitaLand Commercial Trust (CCT)</a>, whose portfolio will now comprise 10 properties with a total net lettable area of 4.7 million sq ft across key sub-markets of Singapore&#8217;s central business district and the Banking District in Frankfurt upon the completion of the transaction.
<a href="https://www.dealstreetasia.com/stories/cct-frankfurt-97994/">Last month</a>, CCT had acquired a 94.9 per cent stake in Frankfurt-based commercial property, Gallileo, for €356.0 million ($414.9 million).
“The divestment of Twenty Anson is in line with CCT’s proactive strategy to reconstitute the Trust’s portfolio and optimise returns for our unitholders. We will continue to explore opportunities to enhance our portfolio as demonstrated by our ongoing development of CapitaSpring in Singapore and acquisition of Gallileo in Frankfurt, Germany,&#8221; said CCTML CEO, Kevin Chee.
CCT added that as of March 31, 2018, Twenty Anson accounted for about 3 per cent of its net property income.
Also read: 
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/cct-frankfurt-97994/">CapitaLand REIT forays into Europe with $420m Frankfurt property acquisition</a>
<a href="https://www.dealstreetasia.com/stories/capitaland-commercial-to-buy-singapore-tower-from-partners-41720/">CapitaLand Commercial REIT to buy partner stake in Singapore office tower for $285m</a>
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Singapore's CapitaLand Commercial Trust Management Ltd (CCTML) via its trustee HSBC Institutional Trust Services (Singapore) Ltd is looking to divest Twenty Anson in Tanjong Pagar, Singapore for $516 million ($378 million).

CapitaLand REIT to divest Singapore office asset Twenty Anson for $378m

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