CICT's independent unitholders voted overwhelmingly in favour of acquiring ION Orchard just as retail rents on Orchard Road are rising faster than suburban rents.

Independent unitholders voted overwhelmingly for the acquisition of ION Orchard by CapitaLand Integrated Commercial Trust C38u from CapitaLand Investment, with 99.88% of votes cast on Oct 29 in an extraordinary general meeting voting in favour. CapitaLand Investments and its associates did not vote for the ordinary resolution. 

The acquisition comes at a time when rents on Orchard Road have risen faster than for suburban rents. According to CBRE's 3Q2024 retail update, retail rents on Orchard Road rose by 0.8% q-o-q and 4.8% y-o-y in 3Q2024, compared to suburban rents which inched 0.5% higher q-o-q and were up 2.5% y-o-y.