Reportedly, a major Asian real estate company—CapitaLand—stated recently that it has entered into a contract to purchase two wholly owned units of Ascendas-Singbridge in a cash and stock deal. Ascendas-Singbridge is supplementary of Temasek, which is a Singapore state investment company. If the agreement is settled, the new entity will become Asia’s biggest diversified real estate company, as per to CapitaLand. The real estate company’s combined possessions under management will surpass $85.79 Billion (116 Billion Singapore dollars), which will place CapitaLand in the top 10 real estate managers globally.
On its side, Temasek would seek almost $2.2 Billion (3 Billion Singapore dollars) in cash and another S$3 Billion in latest CapitaLand shares. Lee Chee Koon—President and CEO of CapitaLand—told to CNBC that this step would give the real estate company an “opportunity to enable in gaining access to interesting benefit classes in the novel economy sectors that are carried by e-commerce and technology. Possessions such as logistics/business parks, industrial, offices, shopping malls, service, and residential apartments will add to a new enthusiasm for the asset classes that the company is traditionally strong.” Lee further added that the agreement will increase CapitaLand’s alternatives in places like India, the U.S., and Europe and India, permitting the company to expand and diversify its investments at an international platform.
On a similar note, recently, CapitaLand in 50:50 business enterprises is set to purchase 70% of Shanghai’s Pufa Tower for almost $546.3 Million to seed new fund. Reportedly, CapitaLand has planned 50:50 joint ventures to obtain a major office building in Shanghai as an advantage for a value-add fund. As reported, CapitaLand is planning “to endow in commercial real estate in prime gateway cities in Asia.” This acquisition will straight away contribute to the company’s recurring profits.