Singapore’s CapitaLand to buy Ascendas-Singbridge group
Singapore’s CapitaLand is forking out S$6 billion ($4.4 billion) to scoop up logistics and industrial assets from state investor Temasek, in a deal the developer said would create Asia’s largest real estate investment manager.
CapitaLand will buy the holding companies of the business of the Ascendas-Singbridge Group, which manages Ascendas Real Estate Investment Trust, Ascendas India Trust and Ascendas Hospitality Trust, for cash and stock. Ascendas-Singbridge also manages private funds.
The transaction, which will give CapitaLand exposure to high-growth technology and e-commerce sectors, marks the biggest consolidation in Singapore’s fragmented real estate investment trust sector. Temasek’s stake in CapitaLand will rise to about 51 percent after the deal closes from roughly 40.8 percent.