CapitaLand to buy Ascendas-Singbridge for $4.4B

Business 1/14/2019, 9:44 AM
CapitaLand to buy Ascendas-Singbridge for $4.4B

Singapore real-estate giant CapitaLand group is preparing to purchase Ascendas-Singbridge from Temasek Holdings for $4.4 billion, Nikkei Asian Review reported on Monday. The deal, once complete, will put the company in the top ten biggest property fund management firms in the world while also making CapitaLand a market leader in Asia.

"Even though we are global, our exposure is mainly in Singapore and China. This particular transaction will give us meaningful scale in key growth markets like India," stated CapitaLand CEO Lee Chee Koon.

The group doesn't plan on issuing new shares to fund the deal, adding that the high debt level would not impact the company's operations since it is expected to be only temporary. The acquisition is expected to be put to vote to CapitaLand's minority shareholders sometime before the end of June 2019.

Breaking the News / VK

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