CapitaLand strikes deal to create Asia's largest property group
- Asian Market
- 3 months ago
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