Singapore-based realty major CapitaLand Ltd Sunday said it has completed acquisition of Ascendas-Singbridge, resulting in the creation of one of Asia's largest diversified real estate groups with assets worth 123 billion Singapore dollars under management.
In India, CapitaLand has a portfolio of 26 business and IT parks, industrial, lodging and logistics properties, and an urban development project.
In a statement, CapitaLand said it has "completed its transaction with Temasek and acquired all the issued shares of each of Ascendas Pte Ltd and Singbridge Pte Ltd."
In January this year, CapitaLand announced this deal which was valued at SGD 11 billion.
With the completion of the transaction, the enlarged CapitaLand Group will operate as a unified entity from July.
"The completion marks the coming together of two leading real estate players as one unified entity. 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," said Lee Chee Koon, Group CEO of CapitaLand Group.
With more asset classes in these markets, he said the group would strive 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 touchpoints," the CEO said.
Ascendas Pte Ltd (APL) and Singbridge Pte. Ltd (SPL) were the holding companies of the business of Ascendas-Singbridge. APL and SPL have now become wholly owned subsidiaries of CapitaLand.
APL holds business space, industrial development and fund management platforms, while SPL holds the joint ventures for large scale urban development projects.
CapitaLand is one of Asia's largest diversified real estate groups. Its portfolio spans across diversified real estate classes which include commercial, retail, business parks, industrial and logistics, integrated development, urban development as well as residential.
CapitaLand manages eight listed real estate investment trusts (REITs) and business trusts as well as over 20 private funds.
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