CapitaCommercial Trust buys office building for $430m

CapitaCommercial Trust (CCT), a real estate investment trust, said on Wednesday it has agreed to buy an office building on the outskirts of Singapore's central business district for $430 million, reported Reuters.

The acquisition will be funded with existing cash and bank facilities, without the need to raise equity, CCT said in a statement to the stock exchange.

The purchase price for Twenty Anson, a two-year-old office tower, works out to $2,121 per square foot of net lettable area.