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CapitaLand to buy Ascendas-Singbridge unit from Temasek for S$6 billion

Through the deal, Temasek’s ownership of CapitaLand will increase from around 40.8% to 51.0%.

Real estate firm CapitaLand on Monday said it has entered a deal with investment firm Temasek to acquire Temasek’s subsidiary, Ascendas-Singbridge for S$6 billion. According to CapitaLand, the proposed transaction is worth S$11 billion.

The deal will be settled through a cash and stock deal. Temasek will receive S$6 billion, of which 50.0% will be paid in cash and the other 50.0%, or S$3 billion, will be given in new CapitaLand shares. The shares which will be priced at S$3.50 per share, shows a premium of 11.3%, compared to CapitaLand’s one-month volume weighted average price of S$3.1447.

Through the deal, Temasek’s ownership of CapitaLand will increase from around 40.8% to 51.0%.

Once the transaction is complete, the combined total assets under management of the group will be more than S$116 billion, CapitaLand said.

As at September 30, 2019, the group owns and manages a global portfolio of assets worth over S$92 billion including integrated developments, shopping malls, and offices. It has a presence in more than 160 cities in over 30 countries, with a focus on core markets Singapore and China.

Ascendas-Singbridge focuses on providing business spaces. Its flagship projects include Singapore Science Park and the Changi Business Park in Singapore, the International Tech Park Chennai in India, and the Singapore Hangzhou Science and Tech Park in China.

Commenting on the deal, Mr Ng Kee Choe, chairman of the board of CapitaLand said the group “is very enthusiastic about this transformational transaction and the prospect of growing the combined platforms into a leading global real estate group.”

“This transaction represents a compelling opportunity to realize benefits not available to each company on a standalone basis; we will have more opportunities to create enhanced value for our shareholders. And with multiple platforms across the various sectors and geographies, we will be able to offer attractive career opportunities for our staff,” Mr Ng added.

The proposed transaction will have to be approved by CapitaLand’s independent shareholders at an extraordinary general meeting, which is expected to be convened by the first half of 2019.

CapitaLand’s shares are on a trading halt in lieu of the announcement made today, as of 10.30am, Singapore time.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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