NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 7 JOINT VENTURES Group Trust 2023 2022 2023 2022 $’000 $’000 $’000 $’000 Investment in joint ventures 187,931 184,218 61,274 61,274 Loans to joint ventures1 160,650 176,980 136,350 150,359 348,581 361,198 197,624 211,633 1 Include interest receivable from joint ventures Loans to joint ventures are unsecured and are not expected to be repaid in the next twelve months from the reporting date. The loans bear interest rate of 4.5% (2022: 2.5%) per annum. Interest rates are determined by the Group and the Trust from time to time. Details of the joint ventures are as follows: Name of joint ventures Principal place of business/ Country of incorporation Ownership interest 2023 2022 % % Glory Office Trust1 Singapore 45.0 45.0 Glory SR Trust1,2 Singapore 45.0 45.0 One George Street LLP1,2 Singapore 50.0 50.0 1 Audited by KPMG LLP Singapore 2 Indirectly held through CCT Glory Office Trust and Glory SR Trust Glory Office Trust (“GOT”) and Glory SR Trust (“GSRT”) holds CapitaSpring. As at 31 December 2023, the Group has provided $136.4 million (2022: $136.4 million) and $24.3 million (2022: $24.3 million) as unitholder’s loans to GOT and GSRT respectively. The following table summarises the financial information of each of the Group’s material joint ventures based on the financial statements prepared in accordance with RAP 7/FRS, modified for differences in the Group’s accounting policies. The table also analyses, in aggregate, the carrying amount and share of profit of the remaining individually immaterial joint ventures. 216 CAPITALAND INTEGRATED COMMERCIAL TRUST
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