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Sign in Sign up for a FREE subscriptionCapitaLand to buy real estate group of Ascendas-Singbridge
Singapore-based CapitaLand has agreed to acquire Ascendas-Singbridge Group’s stake in two of Ascendas-Singbridge’s subsidiaries, in a cash-and-stock deal worth S$11 billion ($8 billion).
The transaction, subject to approval by CapitaLand’s independent shareholders, will create the largest diversified real estate group in Asia. The deal will create a group with combined total assets under management of more than S$116 billion ($85 billion).
CapitaLand will buy the holding companies of the business of the Ascendas-Singbridge Group, which manages Ascendas Real Estate Investment Trust, Ascendas India Trust and Ascendas Hospitality Trust.
Singapore state investor Temasek fully owns Ascendas and holds a 40.8 percent in CapitaLand. After the transaction closes, Temasek’s ownership of CapitaLand will increase to about 51 percent.
The deal will push CapitaLand ahead of its target to grow its assets under management to S$100 billion ($74 billion) by 2020.
