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CapitaLand to spin off retail arm and list it

Posted on 6 Oct 2009 | Comments Off

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

Tagged Capitaland, CapitaMalls Asia, Singapore Retail

CapitaLand’s Mall-nopoly

Posted on 6 Oct 2009 | Comments Off

IN A big, bold and innovative move, CapitaLand, South-east Asia’s largest property developer is cashing in on its malls by listing its wholly-owned subsidiary, CapitaLand Retail, on the Singapore bourse.

CapitaLand Retail will be renamed CapitaMalls Asia (CMA) and will be one of Asia’s largest “pure play” shopping mall business with a geographic span hardly matched by any other developer.

The move will not only be good for CapitaLand shareholders who are being told that any excess cash from the public offering could be returned to them via a special dividend, but also to the potential investors of CMA.

These investors will be able to participate in an entity that will have an interest in, as well as manage a Pan-Asian portfolio of shopping malls with a total value of $20.3 billion, comprising 86 retail properties across 48 cities in five Asian countries. Continue reading →