CapitaLand Integrated Commercial Trust's (CICT) manager announced on Sept 3 that it is proposing to acquire 50% of ION Orchard at an agreed property value of $1,848.5 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%.