CapitaLand announced on June 30, the completion of its acquisition of all the shares in Ascendas Pte Ltd and Singbridge Pte Ltd from Temasek Holdings. The acquisition, valued at $11 billion, was first announced on January 14, 2019. It will create one of Asia’s largest diversified real estate groups with over $123 billion in assets under management.
Ascent, an integrated development in Singapore Science Park, will be part of the expanded CapitaLand Group portfolio (Credit: CapitaLand)
The transaction is said to have received “overwhelming approval” from CapitaLand’s independent shareholders at an extraordinary general meeting held on April 12.
With the completion of the transaction, the enlarged CapitaLand Group will operate as a unified entity from July 1. The expanded portfolio will span across 30 countries, including China, India, Singapore and Vietnam, as well as more than 200 cities. It will encompass almost the entire spectrum of the real estate market: commercial, retail, business park, industrial and logistics, as well as integrated development, urban development, residential development and accommodation. It also includes the fund and asset management businesses.
Artist's impression of the Raffles City Chongqing in China (Credit: CapitaLand)
In May, CapitaLand announced key executive appointments and changes to the business organisational structure which will come into effect from July 1.
“As an enlarged group, we possess fully integrated capabilities in four core markets – Singapore, China, India and Vietnam, while building greater scale in developed markets,” remarked Lee Chee Koon, group CEO of CapitaLand Group in a release on June 30. “With more asset classes in these markets, we will go further to achieve transformational growth.”