Singapore-based realty company CapitaLand Ltd has completed its acquisition of Temasek Holding-owned Ascendas-Singbridge Pte Ltd, creating one of Asia’s largest diversified real estate groups with more than S$123 billion (US$90.68 billion) of assets under management.
The transaction earlier received approval by CapitaLand’s independent shareholders at a meeting held on April 12, the company announced last week.
With the completion of the transaction, the group’s business spans across more than 200 cities in over 30 countries.
Lee Chee Koon, the group’s CEO said: “As an enlarged group, we possess fully integrated capabilities in four core markets – Singapore, China, India and Viet Nam, while building greater scale in developed markets. With more asset classes in these markets, we will go further to achieve transformational growth."
For its commercial, retail, business park, industrial and logistics; integrated development, urban development; and residential businesses, the enlarged group is organised along geographical lines, Koon said, adding that the lodging business as well as the fund and asset management business are standalone sectors.
Viet Nam has been one of important markets and the third largest market of CapitalLand in Southeast Asia. By completing the transaction, CapitaLand added into its investment portfolio OneHub Saigon – an office, industry and transport complex covering 12ha at a gateway of Sai Gon Hi-tech Park.
CapitaLand has been operating for 25 years in Viet Nam. — VNS