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CapitaLand strikes deal to create Asia's largest property group

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  • Asian Market
  • 3 months ago
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Earlier today, CapitaLand announced that it would buy Ascendas-Singbridge Pte. from Temasek for SGD6.04 billion ($4.44 billion) in a cash-and-stock deal.

According to CapitaLand the deal will create Asia’s largest property group with assets worth $86 billion.

Temasek will receive about SGD3 billion in cash with a further SGD3 billion in new CapitaLand shares, hence bringing its stake in CapitaLand to 51% from the previous figure of 40.8%.

Ascendas-Singbridge has a presence in 11 countries which include Australia, China, Japan and the U.K. CapitaLand does business in 32 countries and has some overlap with Ascendas-Singbridge.

 

Source: Smart Trend Team