---
endpoint: analytics
pattern: Property
status: done
latency_ms: 153619
conversation_id: d28c0007-5251-4b47-ae3c-d4fe6f44f78f
citations: 3
created: 2026-05-31 18:11:32Z
---

# Who are the key shareholders of CapitaLand Integrated CT?

## CapitaLand Integrated Commercial Trust (CICT, SGX: C38U) — Key Shareholders

CICT is a Singapore-listed REIT (the largest by market cap on SGX) sponsored by the CapitaLand group. Its register of substantial unitholders has a distinctive "stacked" shape because the sponsor's stake is held through a chain of intermediate holding companies — each tier of the chain is required to be disclosed as a separate "deemed interest" under Singapore's Securities and Futures Act. Below is the most recent disclosure, taken from the Letter to Unitholders dated **20 March 2026** in relation to Resolution 4 (Unit Buy-Back Mandate), based on **7,611,317,783 units in issue** at the Latest Practicable Date [2][3].

### Substantial Unitholders (≥5% interest) — as at March 2026 Letter [3]

| # | Substantial Unitholder | Type of Interest | Units | % of Issue |
|---|---|---|---|---|
| 1 | **Temasek Holdings (Private) Limited (THPL)** | Deemed | 1,628,110,741 | **21.39%** |
| 2 | **Tembusu Capital Pte. Ltd.** | Deemed | 1,598,606,142 | 21.00% |
| 3 | **Bartley Investments Pte. Ltd.** | Deemed | 1,575,870,210 | 20.70% |
| 4 | **Mawson Peak Holdings Pte. Ltd.** | Deemed | 1,575,870,210 | 20.70% |
| 5 | **Glenville Investments Pte. Ltd.** | Deemed | 1,575,870,210 | 20.70% |
| 6 | **TJ Holdings (III) Pte. Ltd.** | Deemed | 1,575,870,210 | 20.70% |
| 7 | **CLA Real Estate Holdings Pte. Ltd. ("CLA")** | Deemed | 1,575,870,210 | 20.70% |
| 8 | **CapitaLand Group Pte. Ltd. ("CLG")** | Deemed | 1,575,870,210 | 20.70% |

### How to read the table (the chain)

The eight names above are **not eight independent investors** — they are a vertical ownership chain that all "deems" interest in the same underlying ~20.7% block of units. Reading the chain from bottom-up:

- **CapitaLand Group Pte. Ltd. (CLG / formerly CapitaLand Limited)** is the operational sponsor of CICT and the manager (CapitaLand Integrated Commercial Trust Management Limited is a wholly-owned subsidiary of CLG / CapitaLand Investment).
- **CLA Real Estate Holdings → TJ Holdings (III) → Glenville → Mawson Peak → Bartley → Tembusu Capital** are intermediate Singapore-incorporated investment-holding vehicles in the Temasek group structure.
- **Temasek Holdings (Private) Limited (THPL)** is the ultimate parent (the Singapore sovereign wealth investor).
- The slight step-down from THPL (21.39%) → Tembusu (21.00%) → Bartley/Mawson/Glenville/TJ Holdings (III)/CLA/CLG (20.70%) reflects small additional Temasek-group holdings outside the CLG chain that THPL is also deemed to be interested in.

### Effective Substantive Ownership

Stripping out the deemed/cascade duplication, the **economic answer** is:

- **CapitaLand group / CapitaLand Investment Limited (CLI, SGX: 9CI)** is the **sponsor and largest unitholder**, with an effective ~**20.7%** stake held via the CLG → CLA chain [3].
- **Temasek Holdings (Private) Limited** is the **ultimate parent shareholder** (it owns CLI/CLG and also has incremental holdings via other vehicles), bringing its **deemed total to ~21.39%** [3].
- The remaining ~**78–79%** is **free float**, held by a broad base of Singapore retail unitholders, REIT-focused institutional investors, and global passive/index funds (no other holder crosses the 5% substantial-unitholder threshold in the latest disclosure) [3].

### Historical Trend in Sponsor Stake

The sponsor's deemed interest has been **diluted from ~30% to ~20%** over the past five years as CICT issued new units to fund acquisitions and the Jul-2020 merger with CapitaLand Commercial Trust (forming today's CICT):

| Letter Date | THPL Deemed % | CL/CLG Deemed % | Units in Issue |
|---|---|---|---|
| Mar 2021 [3] | 30.26% | ~28.89% | 6,470,704,116 |
| Mar 2022 [3] | 23.73% | ~22.56% | 6,608,618,340 |
| Mar 2023 [3] | 23.70% | 22.85% | 6,635,122,255 |
| Mar 2024 [3] | 24.04% | 23.10% | 6,657,723,344 |
| Mar 2025 [1][3] | 24.09% | 23.33% | 7,298,469,763 |
| **Mar 2026** [2][3] | **21.39%** | **20.70%** | **7,611,317,783** |

The latest drop (Mar-2025 → Mar-2026) reflects CICT's equity fund-raising activity over the past 12 months, in which the sponsor's stake was further diluted as the unit base grew by ~313 million units to 7.61 billion [2].

### Key Takeaways

1. **Single dominant shareholder**: CapitaLand Investment Limited (via CLG / CLA / the intermediate Temasek vehicles) is the only investor in CICT above the 5% substantial-unitholder threshold — an effective sponsor stake of ~20.7%.
2. **Ultimate parent**: Temasek Holdings is the ultimate beneficial controller via its ownership of CLI/CLG plus small incremental positions (total deemed ~21.4%).
3. **No other 5%+ holder**: Notably, BlackRock and NTUC/Singapore Labour Foundation appeared as substantial unitholders in earlier years (e.g. BlackRock ~5–8% in 2017–19 letters of the legacy CapitaLand Mall Trust), but neither is disclosed as a substantial unitholder in the most recent 2025/2026 letters — they have either fallen below 5% or restructured their positions.
4. **Free float ~79%**: Broad institutional + retail base, typical of an SGX-listed S-REIT.

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**Sources**

[1] CICT — Letter to Unitholders dated 24 March 2025 in relation to Resolution 4 (Unit Buy-Back Mandate), Section 3.2 "Interests of Substantial Unitholders" — Annual Reports and Related Documents (C38U)
[2] CICT — Letter to Unitholders dated 20 March 2026, "Notes" to Substantial Unitholders table (units in issue base of 7,611,317,783) — Annual Reports and Related Documents (C38U)
[3] CICT — Letter to Unitholders dated 20 March 2026 in relation to Resolution 4, Section 3.2 "Interests of Substantial Unitholders" — Annual Reports and Related Documents (C38U)

## Citations

- [1] **Annual Reports and Related Documents** · external
- [2] **Annual Reports and Related Documents** · external
- [3] **Annual Reports and Related Documents** · external

