CapitaLand proposes restructuring to sharpen business focus
March 22, 2020 – CapitaLand announced today that it planned to restructure its business by consolidating its investment management platforms and its lodging business, forming “CapitaLand Investment Management (CLIM)” . This business will be listed on the Singapore Exchange (SGX).
Separately, it plans to place its real estate development business under private ownership.
With assets under management of about S$115 billion (US$83 billion), CLIM is expected to be the third-largest listed real estate investment manager company globally.
“The privatised development entity will develop and incubate projects as a key source of pipeline for CLIM, entrenching the mutually reinforcing ecosystem within the Group,” according to the statement. CapitaLand will continue to own a 52% interest upon listing of CLIM, it said.
Singapore state investor Temasek owns 52% of CapitaLand.
The deal is expected to be completed around the fourth quarter of 2021.
Trading in CapitaLand’s shares and units of the REITs were halted. Its Singapore-listed REITs are Ascott Residence Trust, CapitaLand Integrated Commercial Trust, Ascendas, CapitaLand China Trust and Ascendas India Trust.
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