On 21 October 2022, CapitaLand Integrated Commercial Trust (“CICT”) have announced their 2022 third quarter business updates. Overall the results are stable but as expected for a retail and commercial REIT, they are still trading at a discount compared to the other sectors as their yield has not recovered to pre-Covid levels.

Furthermore they are still in the race to bid for the Mercatus asset, and I have analyzed and detailed why the funding may be tough on the existing investors.

Background

CICT is the first and largest real estate investment trust (“REIT”) listed on Singapore Exchange Securities Trading Limited (“SGX ST”) with a market capitalization of SGD13.5 billion as at 31 December 2021. It made its debut on SGX ST as CapitaLand Mall Trust (“CMT”) in July 2002 and was renamed CICT in November 2020