CapitaMall Trust (CMT) has granted office leases to Temasek Holdings and its subsidiary, Fullerton Fund Management Company, for approximately S$221.8 million.
According to The Business Times', CMT renewed Temasek's existing leases yesterday and awarded the company new leases. The trust has also granted a lease to Fullerton.
Currently, Temasek is an anchor tenant at The Atrium@Orchard, which is part of CMT's portfolio. Its leases are set to expire on 30 April 2012.
Temasek has a deemed interest of about 29.97 percent in CMT and is considered a controlling unit holder. Therefore, the office leases constitute "interested party transactions" under the property funds appendix and "interested person transactions" under the listing manual.
CMT also granted a retail shop lease to Singapore Telecommunications' wholly-owned subsidiary Telecom Equipment, for approximately S$1.4 million.
Telecom Equipment will obtain a three-year lease at JCube, which is undergoing refurbishment and is set to open in Q1 2012. The lease will take effect when JCube obtains its Temporary Occupation Permit (TOP).
Meanwhile, CMT closed stock market trading yesterday at S$1.90.
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