Capitaland sells strata titled units at The Adelphi for $218.132mln

The real estate company has entered into 4 sale and purchase agreements with Guthrie-SV to divest 163 units at the 10-storey mixed use building.

The Adelphi is a 999-year leasehold structure comprising a 5-storey retail podium and a 6-storey office block with 4 levels of basement parking. The 163-units comprise 86 office units and 77 retail units, totalling 178069sf or 55.13% of the total share value of The Adelphi.

Capitaland is expected to recognise a gain of $15.7mln from the sale.

DBS has lowered its RNAV and target price by 1 cts to $5.50 and $4.95, respectively, because the selling price fell short of the bank’s current assumption of $292mln.

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