Business
Singapore listed CapitaLand has completed the acquisition of Temasek Holdings-owned Ascendas-Singbridge to form one of Asia’s largest diversified real estate groups - CapitaLand Group.
Updated : Jul 01, 2019, 06:30 AM IST
Singapore listed CapitaLand has completed the acquisition of Temasek Holdings-owned Ascendas-Singbridge to form one of Asia’s largest diversified real estate groups - CapitaLand Group.
In a deal with Temasek, CapitaLand Ltd acquired all the issued shares of each of Ascendas Pte Ltd and Singbridge Pte. Ltd, thus creating one of Asia’s largest diversified real estate groups with over S$123 billion of assets under management.
In January, CapitaLand had announced its acquisition plan of Ascendas-Singbridge’s stake in two of Ascendas-Singbridge’s subsidiaries, in a cash-and-stock deal worth S$11 billion.
In April, the shareholders had approved the transaction in an Extraordinary General Meeting.
Temasek fully owns Ascendas, and also holds a 40.8% stake in CapitaLand. Post this transaction, Temasek’s ownership in CapitaLand will go up to around 51%.
Post acquisition, the enlarged CapitaLand Group will operate as a unified entity from July 1.
As on March 31, 2019, CapitaLand Ltd’s global portfolio’s stood over S$103 billion.