CapitaLand divests stakes in companies holding 20 retail assets for $75 mil gain

SINGAPORE (Jan 5): CapitaLand has agreed to divest its share of interest in a group of companies that hold an agreed value of RMB8.37 billion ($1.7 billion) through 20 retail assets in China, each with an average gross floor area (GFA) of about 40,000 sqm excluding car parks.

The transaction is expected to be completed in 2Q18 and generate for the group net proceeds and a net gain of about $660 million and $75 million respectively.

In a Friday announcement, CapitaLand says the move comes as part of its portfolio reconstitution strategy, as the divestment would help to optimise its shopping mall portfolio to gear up for future growth.

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