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CapitaLand buying logistics and industrial assets from Temasek for $4.4 billion

Acquisition   CapitaLand will buy the holding companies

Singapore's CapitaLand is giving ($4.4 billion) to buy logistics and industrial assets from Temasek.

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.

CapitaLand's global businesses span shopping malls, lodging, offices, homes, real estate investment trusts (REITs) and funds. CEO Lee Chee Koon, who took charge in September, has been looking for deals to boost the group's growth.


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