Singapore shuffle

14 January 2019 By Christopher Beddor, Clara Ferreira Marques Follow @cbeddor

The state investor will sell a real estate unit to the Singapore property giant for $4.4 bln. Temasek gets a majority stake in the heavyweight, which it already part-owns. With more exposure to e-commerce and developed markets, CapitaLand gets scale and downside protection.

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Singapore’s CapitaLand said on Jan. 14 that it had agreed to buy the owner of several real estate investment trusts from the state investor Temasek in a deal for around $4.4 billion. The company will pay for the deal in equal parts cash and stock.

The Temasek subsidiary Ascendas-Singbridge is a mostly business space provider, including business parks and data centres.

The deal will create a group with combined total assets under management of more than S$116 billion($86 billion), CapitaLand and Ascendas-Singbridge said in a joint statement. Temasek’s stake in CapitaLand will rise after the deal closes to around 51 percent, from about 40.8 percent today.

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