The Wall Street Journal: $4.4 billion Singapore deal creates Asia’s largest real-estate group

SINGAPORE — CapitaLand Ltd. said it would buy another real-estate company from Singapore state investment firm Temasek Holdings Pte. for more than US$4 billion dollars.

On Monday, CapitaLand C31, +0.00%   said it would buy Ascendas-Singbridge Pte. from Temasek for 6.04 billion Singapore dollars (US$4.44 billion) in a cash-and-stock deal. CapitaLand says the deal will create Asia’s largest property group with assets worth US$86 billion.

Temasek will receive about S$3 billion in cash and another S$3 billion in new CapitaLand shares; its stake in CapitaLand will rise to 51% from 40.8%.

Ascendas-Singbridge has a presence in 11 countries including Australia, China, Japan and the U.K. CapitaLand does business in 32 countries and has some overlap with Ascendas-Singbridge.

An expanded version of this report appears on WSJ.com.

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