CapitaLand Retail will be renamed CapitaMalls Asia Ltd. and will have stakes in and manage malls valued at S$20.3 billion (US$14.4 billion) as of June 30, the company said in a statement to the Singapore stock exchange today. The unit will take control of CapitaLand’s retail real estate fund and property trust management business.
“The proposed listing of CapitaMalls Asia is consistent with CapitaLand Group’s approach of optimizing business growth with prudent capital management,” chairman Richard Hu said in the statement. “This transaction is also a logical evolution of CapitaLand’s business model and will allow us to accelerate our next phase of growth.”
Chief executive officer Liew Mun Leong has said CapitaLand wants to expand its real-estate services business along with the main property development operations. The listing of the unit follows offerings in other units including CapitaMall Trust and CapitaCommercial Trust in Singapore since 2002.
CapitaMalls Asia’s portfolio includes 59 completed malls in China, Malaysia, Japan, India and Singapore, including the Ion Orchard development on the city-state’s Orchard Road shopping strip. Another 27 properties are currently being developed.
CapitaMalls Asia will also take a 15 per cent stake in Raffles City China Fund, which has stakes in four Raffles City- branded developments in the nation, according to the statement.
By Bloomberg
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