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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


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