CapitaLand to buy real estate units from Temasek for $4.4 billion

Business


FILE PHOTO – A man passes a Capitaland logo outside an office building in the central business district in Singapore January 22, 2016. REUTERS/Edgar Su

SINGAPORE (Reuters) – CapitaLand Ltd (CATL.SI) said it entered into a deal with Singapore state investor Temasek [TEM.UL] to buy two wholly owned units from a subsidiary for a consideration of about S$6 billion ($4.4 billion) in a cash and stock deal.

The target companies are the holding companies of the business of the Ascendas-Singbridge Group, which manages Ascendas Real Estate Investment Trust (AEMN.SI), Ascendas India Trust (AINT.SI) and Ascendas Hospitality Trust (ASHP.SI).

Under the agreement, Temasek will effectively receive S$6.0 billion, which will be satisfied half in cash and half in new CapitaLand shares, which will be priced at S$3.50 a piece.

($1 = 1.3533 Singapore dollars)

Reporting by Aradhana Aravindan; Editing by Richard Pullin



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