CapitaLand has completed its acquisition of all the shares in Ascendas Pte Ltd and Singbridge Pte. Ltd., resulting in the creation of one of the largest diversified real estate groups in Asia, with assets under management at over $123 billion.
This comes after the acquisition received overwhelming approval from the independent shareholders of CapitaLand at an extraordinary general meeting that was held on 12 April.
With this, the enlarged CapitaLand Group will start operating as a unified entity from 1 July.
Its enhanced real estate value chain and enlarged global network of business park, industrial and logistics; commercial, retail; residential; lodging; integrated development, urban development; as well as fund and asset management businesses spans more than 30 countries across over 200 cities.
“The completion marks the coming together of two leading real estate players as one unified entity,” said Lee Chee Koon, group CEO of 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.”
In May, CapitaLand announced key executive appointments as well as changes to business organisations structure that will come into effect on 1 July.
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email email@example.com