CICT is recycling part of its divestment proceeds from One George Street in Singapore (at a 3.17% exit NPI yield) into two Australian Grade A office properties for AUD330.7m, from its sponsor at a 5.2% NPI yield, to deliver 3.1% DPU accretion. We see favourable growth fundamentals, as its AUM rises 3% to SGD22.4b, with overseas assets growing to 7%, even as management maintains its Singapore core. Here, recovery is gaining traction from tenant expansion as office demand returns.