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.

Also popular on WSJ.com:

Wall impasse frustrates many newly elected House Democrats.

Help! My boss is El Chapo!

Want news about Asia delivered to your inbox? Subscribe to MarketWatch’s free Asia Daily newsletter. Sign up here.

Filed in: Top News Tags: 

You might like:

Harley-Davidson ‘hogs’ built in Thailand finally OK’d for lower tariffs than bikes built in U.S. Harley-Davidson ‘hogs’ built in Thailand finally OK’d for lower tariffs than bikes built in U.S.
Market Snapshot: Stocks extend gains after reports trade talks with China to begin Monday Market Snapshot: Stocks extend gains after reports trade talks with China to begin Monday
Metals Stocks: Gold futures fall; silver ends at more than 1-year high Metals Stocks: Gold futures fall; silver ends at more than 1-year high
Elizabeth Warren unveils bill that would cancel up to $50,000 in student debt for many borrowers Elizabeth Warren unveils bill that would cancel up to $50,000 in student debt for many borrowers
Amazon and Realogy want to tempt home buyers with $5,000 worth of free stuff Amazon and Realogy want to tempt home buyers with $5,000 worth of free stuff
A disturbing theory in the wake of the Equifax settlement — ‘anonymized’ data may NOT be enough to protect your privacy A disturbing theory in the wake of the Equifax settlement — ‘anonymized’ data may NOT be enough to protect your privacy
The Margin: The internet gets dewy eyed as Tom Hanks debuts as Mister Rogers The Margin: The internet gets dewy eyed as Tom Hanks debuts as Mister Rogers
Key Words: Disney heiress ‘livid’ after speaking with workers from her family’s theme parks Key Words: Disney heiress ‘livid’ after speaking with workers from her family’s theme parks

Leave a Reply

Submit Comment
© 2019 Stock Investors News. All rights reserved. XHTML / CSS Valid.