CapitaLand, CapitaLand Commercial Trust (CCT) and Mitsubishi Estate Co. (MEC) recently teamed up to redevelop the Golden Shoe Car Park (GSCP) in Raffles Place into a landmark integrated project with a total development cost of $1.82 billion. In line with this, the three parties have created two unlisted special purpose sub-trusts – Glory Office Trust and Glory SR Trust – that will own the development’s office and serviced residence components respectively. According to an SGX filing on Fri, CCT’s trustee HSBC Institutional Trust Services (Singapore) holds a 45 percent stake in both sub-trusts. CapitaLand owns another 45 percent stake in each entity via Glory Office and Glory SR, while MEA Commercial Holdings owns 10 percent in both. Moreover, the project will be financed via a combination of external funding and financial commitment from the JV partners. Among these is a $728 million commitment. Of this, up to $536 million will be provided through unitholders’ loans that will be drawn down progressively in multiple tranches.... Continue Reading