CapitaLand acquires Temasek subsidiary in deal worth S$11bn

CapitaLand, one of the largest real estate companies in Asia, has announced the acquisition of Ascendas-Singbridge, a subsidiary of Singaporean holding company Temasek, in a deal worth S$11bn

According to its press release, CapitaLand’s assets under management (AUM) portfolio will be worth $116bn once the transaction closes, with a presence in 180 cities across 32 countries.

Through the Temasek acquisition the firm has exceeded its 2020 AUM target of $100bn, putting it in the top 10 real estate investment managers in the world.

Temasek will receive $6bn from the transaction, with 50% in cash and the remainder in CapitaLand shares, boosting its ownership of CapitaLand from 40.8% to 51%.

“CapitaLand is very enthusiastic about this transformational transaction and the prospect of growing the combined platforms into a leading global real estate group,” said Ng Kee Choe, Chairman of the Board at CapitaLand, in the firm’s press release.

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“Our complementary strengths position us strongly for growth amidst the changing real estate environment in Singapore and internationally.  With enlarged scale, expanded capabilities and resources, and a global footprint, we look forward to delivering high quality growth sustainably.”

Wong Kan Seng, Chairman of Ascendas-Singbridge, added: 

“As Asia’s leading integrated business space and innovative urbanisation solutions provider, ASB’s rapidly growing business is highly complementary to CapitaLand’s.  

“The combined scale and expertise of the Group will enable it to better capitalise on the opportunities arising from the rapid pace of urbanisation in the region.”