CapitaLand Integrated Commercial Trust is planning to acquire a 50% stake in Singapore's most famous mall, ION Orchard, at a property valuation of S$1,848 million:

CapitaLand Investment (CLI) will divest its 50% interest in ION Orchard to CICT. ION Orchard is currently held in a joint venture with Sun Hung Kai Properties holding the remaining 50%.

CICT's manager plans to raise $1.1 billion to pay for ION from a combination of a placement and a preferential offer to unitholders. The private placement comprises 171,737,000 new units to institutional and other investors at an issue price of between $2.038 and $2.091 per unit, to raise $350.0 million. The preferential offer comprises 377.3 million new units at an issue price of $2.007 per unit, in the ratio of 56 preferential offering units for every 1,000 existing units held by eligible unitholders to raise $757.2 million.