01 Aug 2019
CapitaLand acquires shares of Ascendas, Singbridge
Capital and has completed its transaction with Temasek and acquired all the issued shares of Ascendas and Singbridge, creating one of Asia’s largest diversified real-estate groups with over $123 billion of assets under management. The transaction had earlier received approval by CapitaLand’s independent shareholders at an Extraordinary General Meeting held on April 12, 2019.
With the completion of the transaction, the enlarged CapitaLand Group will operate as a unified entity (from 1 July 2019), as it marks a new chapter of combined competencies and scale. The group’s enhanced real-estate value chain and enlarged global network of commercial, retail, business park, industrial and logistics, integrated and urban development, residential and lodging, and fund and asset management businesses spans over 30 countries across more than 200 cities.
“The completion marks the coming together of two leading real-estate players as one unified entity,” says Lee Chee Koon, Group CEO, CapitaLand Group. “As an enlarged group, we possess fully integrated capabilities in four core markets—Singapore, China, India and Vietnam—while building greater scale in developed markets. With more asset classes in these markets, we will go further to achieve transformational growth. Diversifying our portfolio to new economy sectors, such as business parks, logistics and industrial properties, will give us added competitive edge via a bigger global network of touch points. With greater access to the best talents, capital partners, markets and asset classes, we are confident of building CapitaLand into a winning global company.”
Led by the Integration Management Office, the integration teams have been working closely to achieve operational readiness for CapitaLand Group. Key integration deliverables accomplished include the harmonising of key operational and governance processes, formalising of reporting structures and aligning of key performance indicators and financial reports in the group’s functions and business units across all geographies.