Category Archives: Developers

CapitaLand to spin off retail arm and list it

Posted on 6 Oct 2009 | Comments Off on CapitaLand to spin off retail arm and list it

CapitaMalls Asia aims to speed up growth with special focus on China

Singapore’s largest property group CapitaLand will spin off its $20.3 billion retail portfolio into a separate unit, which will be listed on Singapore Exchange.

The group’s retail arm CapitaLand Retail will be renamed CapitaMalls Asia (CMA), and will have a Pan-Asian portfolio of 86 retail properties. The new company will take the lead on all future retail activities while CapitaLand will focus on non-retail businesses.

Announcing the plans yesterday, CapitaLand chief executive Liew Mun Leong said that this was the ‘most important announcement since we were listed 10 years ago’.

He added: ‘I can’t think of any (other) announcement that has had such a big impact on the group.’

CapitaLand said the proposed listing of CMA will allow the group to accelerate the growth of its integrated shopping mall business.

‘The announcement is light on details but we think this is positive for CapitaLand because Asian retail is a strong growth area they can capitalise on.’ – Soong Tuck Yin, Macquarie analyst

Since 2002, CapitaLand has increased ten-fold the total value of its owned and managed retail property portfolio, from $1.8 billion then to $20.3 billion as at end-June 2009. These malls will now be held by CMA instead. Continue reading →

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Posted in Developers, Office / Retail / Industrial

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CapitaLand wins nod to list mall business

Posted on 6 Oct 2009 | Comments Off on CapitaLand wins nod to list mall business

PROPERTY developer CapitaLand yesterday unveiled an ambitious plan to list its retail arm, which could raise an estimated US$1 billion (S$1.4 billion) via an initial public offering (IPO).

RELATED LINKS   WHERE THE MALLS ARE

In a move seen as reflecting growing confidence in Asia’s shopping mall business, CapitaLand announced it had won the Singapore Exchange’s approval to list the shares of CapitaLand Retail, which will now be renamed CapitaMalls Asia (CMA).

The group’s decision to hive off its retail arm will allow it to accelerate the growth of its integrated shopping mall business, which will have direct access to capital markets, said chief executive officer Liew Mun Leong yesterday.

CapitaLand is expected to list 20 per cent to 30 per cent of CMA in an offering that Reuters said could raise at least US$1 billion.

This could take place by year-end or early next year, said chief financial officer Olivier Lim. He said it was too early to put a valuation on CMA. It is likely that the firm will seek shareholder approval for the proposal by the end of the month. Continue reading →

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Posted in Developers, Office / Retail / Industrial