CapitaLand Integrated Commercial Trust said on May, 18 2026 that it has agreed to acquire a 100 per cent interest in Paragon, an integrated retail and medical-office property on Orchard Road, from Cuscaden Peak for 3.9 billion Singapore dollars. The purchase will be funded by a mix of debt, a 750 million Singapore dollars private placement and net proceeds from the 2.476 billion Singapore dollars divestment of Asia Square Tower 2, which completed on Feb, 27 2026.

The freehold asset offers a projected net yield of 3.9 per cent, exceeding the 3.0 per cent exit yield from Asia Square Tower 2. Following both the acquisition and divestment, the trust expects distribution per unit accretion and a pro-forma aggregate leverage of 38.7 per cent.

For the quarter ended Mar, 31 2026, the trust reported gross revenue of 426.7 million Singapore dollars, up 8.0 per cent year on year, while net property income rose 7.9 per cent to 314.4 million Singapore dollars. Retail and office rent reversions were positive at 4.4 per cent and 6.1 per cent respectively. Portfolio occupancy stood at 95.2 per cent with a weighted average lease expiry of three years.

Aggregate leverage was 38.5 per cent, slightly lower than the 38.6 per cent recorded on Dec, 31 2025, and the average cost of debt declined to 2.9 per cent. Approximately 76 per cent of borrowings are on fixed rates, with an average debt maturity of four years.

The trust reaffirmed its strategy of recycling capital into higher-yielding assets and advancing asset enhancement initiatives, including a 160 million Singapore dollars upgrade of Plaza Singapura and The Atrium@Orchard targeted for completion in the fourth quarter of 2028.