148 CapitaLand Integrated Commercial Trust Notes to the financial statements Year ended 31 December 2024 8 JOINT OPERATION The Group through its indirect wholly-owned subsidiary, Monopoly Trust, holds a 50.0% interest in 101–103 Miller Street and Greenwood Plaza, Australia. The Group classified its 50.0% interest in 101–103 Miller Street and Greenwood Plaza, Australia as a joint operation as the property is held jointly as tenants in common. 9 EQUITY INVESTMENTS AT FAIR VALUE Group Trust 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Quoted equity investments at FVOCI 123,920 150,559 96,034 124,044 The Group and the Trust designated the investments shown below as equity investments at FVOCI because these equity investments represent investments that the Group and the Trust intend to hold for the long-term for strategic purposes. Fair value Group Trust 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Investment in CLCT 96,034 124,044 96,034 124,044 Investment in Sentral REIT 27,886 26,515 – – 123,920 150,559 96,034 124,044 Quoted equity investments represent the Group’s and the Trust’s 7.8% (2023: 7.9%) interest in CLCT and the Group’s 9.8% (2023: 9.8%) interest in Sentral REIT. The principal activities of CLCT are those relating to investment on a long-term basis in a diversified portfolio of income-producing real estate and real estate-related assets in China, Hong Kong and Macau that are used primarily for retail, office and industrial purposes (including business parks, logistics facilities, data centres and integrated developments). The principal activities of Sentral REIT are to own and invest in commercial properties, primarily in Malaysia. The fair value of the investments in CLCT and Sentral REIT represent 0.4% (2023: 0.5%) and 0.1% (2023: 0.1%) respectively of the Group’s total assets as at 31 December 2024.
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