CCT to turn ground floor space at Market Street property into food court

CapitaCommercial Trust (CCT) is turning the interior ground floor open space at its Market Street property into a fully air-conditioned, themed-food court.

The property trust announced on Thursday that the 11,000 square feet space has been leased to food court operator, Koufu.

CCT made the move after deciding earlier this year not to redevelop the Market Street Car Park into a commercial building.

The property trust also said its distribution per unit (DPU) rose by 25 per cent on-year to 3.24 cents. This was on the back of a higher S$45.4 million distributable income, thanks to rental growth in the office market.

CCT has also secured a three-year secured term loan of S$160 million to refinance its remaining outstanding debt maturing this year.

CCT’s CEO Lynette Leong said under the current market conditions, the trust is cautious about achieving external growth through acquisition.

CCT will instead continue to focus on existing tenants and properties to counter the effects of the current recessionary environment.

Source : Channel NewsAsia – 30 Apr 2009

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