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Singapore’s CapitaLand is forking out S$6 billion ($4.4 billion) to scoop up logistics and industrial assets from state investor Temasek, in a deal the developer said would create Asia’s largest real estate investment manager.
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, for cash and stock. Ascendas-Singbridge also manages private funds.
Post deal, Temasek’s stake in CapitaLand will rise to about 51 per cent from 40.8 per cent. It will effectively receive about S$6 billion, half in cash and half in new CapitaLand shares.
Details p3
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