Japan's Mitsubishi Estate takes stake in S'pore office project

Japan’s Mitsubishi Estate (8802.T) will take a 10% stake in a Singapore office tower being built by Southeast Asia’s biggest developer CapitaLand (CACT.SI) and CapitaCommercial Trust (CCT) (CACT.SI), the Singapore property trust said on Thursday.

The redevelopment of the Market Street Car Park complex in Singapore’s central business district into an office tower is expected to cost about $1.4 billion, CCT said in a statement.

CapitaLand and CCT, which had previously announced plans to redevelop the carpark, will have a 50% and 40% stake, respectively, in the project.

MSO Trust, a special purpose vehicle set up to undertake the development of Market Street Car Park complex, will acquire the asset from CCT for $56 million, CCT said.