SINGAPUR (dpa-AFX) - CapitaLand Integrated Commercial Trust (CPAMF, C38U.SI) on Friday reported that its first-quarter net property income grew 7.9 percent year-over-year to S$314.4 million.
Gross revenue was S$426.7 million, a growth of 8 percent from the prior year.
The company noted that the stronger first-quarter performance was largely due to the step-up acquisition to a 100% interest in CapitaSpring and contribution from Gallileo.
Office Portfolio revenue grew to S$154.4 million from prior year's S$119 million.
Meanwhile, Retail Portfolio revenue fell to S$150.6 million from S$153.3 million last year, and Integrated Development Portfolio revenue dropped to S$121.7 million from S$123 million last year.
Further, the company announced the proposed acquisition of 100% Interest in Paragon Trust and Orchard 290 from Cuscaden Peak with agreed property value of S$3.90 billion.
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