CapitaLand to separate real estate development and fund management units

CapitaLand India Trust

22/03/2021 03:57

SINGAPORE, March 22 (Reuters) - CapitaLand Ltd  CATL.SI  on
Monday has proposed a consolidation of its investment management
platform and the lodging business into an entity called
CapitaLand Investment Management (CLIM) as part of a
restructuring process.  
    The Singaporean property developer announced the
restructuring along with CLA Real Estate Holdings, an indirect
fully owned unit of Temasek Holdings Pte Ltd, the largest
shareholder of CapitaLand.
    CapitaLand said it would also place its real estate
development business under the private ownership of CLA.
    CLIM, which will be listed on the Singapore Exchange, is
expected to be the largest real estate investment manager in
Asia with assets under management of about S$115 billion ($85.7
billion). It will also hold stakes in CapitaLand's listed real
estate investment trusts and business trusts.
    In 2019, CapitaLand completed an S$11 billion cash-and-stock
deal to acquire Temasek's shares in Ascendas-Singbridge, which
owns logistics and industrial assets, in a deal that created
Asia's largest real estate investment manager.
    
    ($1 = 1.3427 Singapore dollars)

 (Reporting by Anshuman Daga and Aradhana Aravindan, Editing by
Sherry Jacob-Phillips)
 ((anshuman.daga@tr.com;))