SG Morning Highlights | CapitaLand Secures European Central Bank as New Anchor Tenant

Singapore shares opened higher on Wednesday. The $FTSE Singapore Straits Time Index(.STI.SG)$ rose 0.33 percent to 3,151.73 as at 9.09 am.

$CapitaLandInvest(9CI.SG)$: CapitaLand Integrated Commercial Trust (CICT) and CapitaLand Investment (CLI) have secured the European Central Bank (ECB) as an anchor tenant for their jointly owned office building in Frankfurt. The ECB has signed a 10-year tenancy at the Gallileo, a 38-storey Grade A office building in Frankfurt's banking district. The central bank of the euro area will occupy over 90% of the building's total net lettable area of more than 41,000 square metres. The building's committed occupancy is expected to exceed 95% when the City of Frankfurt signs a lease for the basement space. CapitaLand will hand over the leased area to the ECB in phases beginning from the second half of 2025 when the building upgrading works are completed.

$CapLand IntCom T(C38U.SG)$: According to data from the Singapore Exchange (SGX), CapitaLand Integrated Commercial Trust (CICT) has seen an increase in its average daily turnover (ADT) to $48 million in the first two months of 2024, up from $34 million in 2023. Over 250 Singapore-listed stocks have seen net institutional inflows, with 16 of them also experiencing net retail inflows over the past 10 weeks. CICT emerged as the most traded stock among the 16. All 16 stocks, with a minimum $100,000 ADT year-to-date, have price-to-book (P/B) ratios below their five-year averages. Of these, six saw declines, with Centurion Corp being the only exception, gaining 4.9%. Medtecs Int leads the year-to-date declines among the seven and has the largest P/B discount compared to its five-year average.