Property giant CapitaLand is reorganising its retail properties by moving the assets to a new business unit, CapitaMalls Asia, and plans to float the unit on the Singapore Exchange.
After the reorganisation, CapitaLand Retail which manages the group’s shopping malls, will be renamed CapitaMalls Asia. CapitaLand’s retail real estate fund and real estate investment trust management businesses under CapitaMall Trust and CapitaRetail China Trust will also be transferred to the new entity. As a result, CapitaMalls Asia will have a portfolio of 86 retail properties worth $20.3 billion across five countries: Singapore, China, Malaysia, Japan and India, the developer said.
CapitaLand said yesterday at a press briefing that it has not decided on the timing or pricing of the initial public offering. The group’s chief financial officer Olivier Lim said at the briefing that the group would be “comfortable” with floating about 20 to 30 per cent of the total shareholdings. For example, a 30-per-cent share sale would raise about $1.57 billion if the shares were priced at book value, and gives CapitaMalls Asia a market capitalisation of $5.23 billion. Continue reading
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