Singapore-based realty major CapitaLand Ltd announced it has completed the acquisition of Temasek-owned Ascendas-Singbridge, resulting in the creation of one of Asia's largest diversified real estate groups with assets worth SGD123 billion under management.
In January, CapitaLand had said it will acquire Temasek-owned Ascendas-Singbridge’s stakes in two of Ascendas-Singbridge’s subsidiaries. The enlarged CapitaLand Group began operating as a unified entity from yesterday after the SGD11 billion deal came into play.
In India, CapitaLand has a portfolio of 26 business and IT parks, industrial, lodging and logistics properties, and an urban development project in Chennai.
“As an enlarged Group, we possess fully integrated capabilities in four core markets – Singapore, China, India and Vietnam, while building greater scale in developed markets,” Lee Chee Koon, Group CEO, CapitaLand Group, said.
The Group’s enhanced real estate value chain, as well as fund and asset management businesses, span over 30 countries across more than 200 cities.
Diversifying our portfolio to new economy sectors will give us added competitive edge via a bigger global network of touchpoints,” Koon added.
Other than Ascendas-Singbridge, which will now be part of the newly merged CapitaLand Group, some of the prominent Singapore investors who have gained a foothold in India include GIC Pte. Ltd, Xander, and more recently, Mapletree Investment Pte. Ltd.