CapitaLand Offers to Merge Commerical Trusts
CapitaLand today proposed the merger of CapitaLand Mall Trust and CapitaLand Commercial Trust in a cash-and-stock deal for SGD8.2 billion .
CapitaLand Mall will acquire CapitaLand Commercial units for SGD999.1 million in cash and 2,777.5 million new units issued at SGD2.59 apiece.
CapitaLand Mall holds a portfolio of shopping centres in Singapore, while CapitaLand Commercial is the city-state's largest office developer. CapitaLand owns about 28.48% of CapitaLand Mall and 29.37% of CapitaLand Commercial.
The new combined trust called CapitaLand Integrated Commercial Trust is expected to become a market capitalisation of about SGD16.8 billion and a combined property value of about SGD22.9 billion.
- APMR News