Market Street Car Park venture secures S$890 million loan facility

CapitaLand’s joint venture with CapitaCommercial Trust and Mitsubishi Estate Asia has secured a loan facility with OCBC Bank for up to S$890 million to fund the purchase and redevelopment of the Market Street Car Park site.

The loan has a five-year tenure and will be due in November 2016. It is secured by, among other things, a mortgage over the Market Street Car Park development.

The site will be redeveloped at an estimated cost of S$1.4 billion into a 40-storey office project with a gross floor area of about 887,000 sq ft.

CapitaLand, South-east Asia’s largest developer by market capitalisation, holds a 50-per-cent stake in the joint venture, CapitaCommercial Trust holds a 40-per-cent interest, while Mitsubishi Estate Asia – a unit of Mitsubishi Estate – holds the remaining 10 per cent.

Source : Today – 18 Nov 2011

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