Singapore-based CapitaLand has announced that it placed out its remaining 226.2 million stapled securities in Australand Property Group (Australand).
This is about 39.1 percent of total issued stapled securities in a secondary placement exercise, which was executed at an average price of AU$3.75 each, a discount of 3.6 percent to the closing price of Australand’s stapled securities as of Tuesday.
CapitaLand will receive approximately AU$848.8 million (S$970.1 million), enabling it to focus on its core markets of Singapore and China and for general working purposes, including debt repayment.
Following its completion, CapitaLand is expected to recognise a net gain of around S$35.7 million.
Lim Ming Yan, President and Group CEO of CapitaLand said, “We are constantly evaluating our investments, including opportunities to divest our investments at an appropriate time. We have decided to divest our remaining stake in Australand now as market conditions are favourable and Australand’s share price has performed strongly in the past few months. This divestment would allow us to reallocate capital to our core businesses in Singapore and China.”
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
Related Stories:
More money for real estate execs
More Taiwanese on the lookout for Japan property
Ascott celebrates milestone, makes Myanmar foray