Singapore’s Largest REIT Sells Office Tower to Buy Temasek's Luxury Mall Paragon

Singapore’s largest real estate investment trust agreed to sell a prime office tower for S$2.48 billion ($1.9 billion) to a Malaysian developer to fund the purchase of a luxury mall owned by the REIT’s key investor.

CapitaLand Integrated Commercial Trust, which is backed by Singapore state investor Temasek Holdings Pte, said in an exchange filing Monday it will sell its full interest in Asia Square Tower 2 to a subsidiary of Malaysia’s IOI Properties Group Bhd.