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CapitaLand continues portfolio reconstitution strategy by divesting a group of companies that own 20 retail assets in China
Through its wholly owned shopping mall business CapitaLand Mall Asia, CapitaLand has entered into agreements with unrelated parties to divest its share of interest in a group of companies that hold 20 retail assets with an agreed value of RMB8,365.0 million (about S$1,705.9 million). Each mall has an average gross floor area (GFA), excluding car park, of about 40,000 square metres (sq m). They are spread across 19 cities, of which 14 are noncore cities where CapitaLand has a single mall in each.
Targeted for completion in 2Q this year, this transaction is expected to generate for CapitaLand net proceeds of about S$660.0 million and a net gain of about S$75.0 million. The loss of recurring income arising from this transaction will be limited, as these 20 malls accounted for approximately 4% and 7% of CapitaLand’s respective total and China shopping mall portfolio valuation as at 30 June 2017. This round of mall portfolio reconstitution follows CapitaLand’s divestment of CapitaMall Kunshan in the Chinese city of Kunshan last month, and the formation of a joint venture between CapitaLand and CapitaLand Retail China Trust last November to acquire Rock Square, a leading 84,000-sqm shopping mall in the first-tier city of Guangzhou.
More details in :
1. http://infopub.sgx.com/FileOpen/Announce...eID=484296
2. http://infopub.sgx.com/FileOpen/NewsRele...eID=484297
3. http://infopub.sgx.com/FileOpen/Presenta...eID=484298
Through its wholly owned shopping mall business CapitaLand Mall Asia, CapitaLand has entered into agreements with unrelated parties to divest its share of interest in a group of companies that hold 20 retail assets with an agreed value of RMB8,365.0 million (about S$1,705.9 million). Each mall has an average gross floor area (GFA), excluding car park, of about 40,000 square metres (sq m). They are spread across 19 cities, of which 14 are noncore cities where CapitaLand has a single mall in each.
Targeted for completion in 2Q this year, this transaction is expected to generate for CapitaLand net proceeds of about S$660.0 million and a net gain of about S$75.0 million. The loss of recurring income arising from this transaction will be limited, as these 20 malls accounted for approximately 4% and 7% of CapitaLand’s respective total and China shopping mall portfolio valuation as at 30 June 2017. This round of mall portfolio reconstitution follows CapitaLand’s divestment of CapitaMall Kunshan in the Chinese city of Kunshan last month, and the formation of a joint venture between CapitaLand and CapitaLand Retail China Trust last November to acquire Rock Square, a leading 84,000-sqm shopping mall in the first-tier city of Guangzhou.
More details in :
1. http://infopub.sgx.com/FileOpen/Announce...eID=484296
2. http://infopub.sgx.com/FileOpen/NewsRele...eID=484297
3. http://infopub.sgx.com/FileOpen/Presenta...eID=484298
Specuvestor: Asset - Business - Structure.