CapitaLand Continues Portfolio Reconstitution Strategy By Divesting Three Retail Malls in Japan and an Office Building in Korea
December 2, 2020 – CapitaLand has divested three retail malls in Japan and an office building in Korea for a total of S$448.7 million (US$335.5 million) as part of its ongoing portfolio reconstitution strategy.
The buyers are unrelated third parties. The agreed value of the properties was arrived on a willing-buyer and willing-seller basis.
In Japan, CapitaLand has divested La Park Mizue and Vivit Minami-Funabashi in Greater Tokyo, as well as CO-OP Kobe Nishinomiya Higashi in Greater Osaka above valuation for a total of JPY 21.99 billion (S$283.6 million) (US$ 212 million).
In August 2020, CapitaLand also divested ICON Yeoksam in Seoul above valuation for KRW 142.2 billion (S$165.1 million) (US$123.4 million).
CapitaLand held the office building through a private fund, Ascendas Korea Office Private Real Estate Investment Trust (REIT). CapitaLand remains the asset manager of ICON Yeoksam and will continue to receive fee income.
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