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This mammoth deal makes CapitaLand one of Asia’s largest diversified real estate groups with over S$123 billion ($90.8 billion) of assets under management.
|The CapitaLand Extraordinary General Meeting in Singapore on April 12, 2019|
The transaction had earlier received overwhelming approval by CapitaLand’s independent shareholders at an Extraordinary General Meeting held on April 12, 2019.
With the completion of the transaction, the enlarged CapitaLand Group will operate as a unified entity from July 1, 2019 as it marks a new chapter of combined competencies and scale.
With the completion of the transaction with Ascendas-Singbridge, CapitaLand adds OneHub Saigon to its portfolio in Vietnam – a 12 hectare business park development located at the entrance of Saigon Hi-Tech Park, fronting Hanoi Highway and opposite Metro Station 12 (Saigon Hi-tech Park Station).
|Onehub Saigon, the business, industrial, and logistics park was newly added to CapitaLand Vietnam’s portfolio|
CapitaLand’s enhanced real estate value chain and enlarged global network of commercial, retail, business park, industrial and logistics, integrated development, urban development, residential, lodging, as well as fund and asset management businesses span over 30 countries across more than 200 cities.
According to Lee Chee Koon, Group CEO of CapitaLand Group, the completion marks the coming together of two leading real estate players into one unified entity.
“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 said in a statement.
“With more asset classes in these markets, we will go further to achieve transformational growth. Diversifying our portfolio to new economy sectors such as business parks, logistics and industrial properties, will give us added competitive edge via a bigger global network of touchpoints. With greater access to the best talents, capital partners, markets, and asset classes, we are confident of building CapitaLand into a winning global company,” he added.
CapitaLand announced in May 2019 the group’s key executive appointments and business organisation structure which will come into effect on July 1, 2019.
For its commercial, retail, business park, industrial, and logistics, integrated development, urban development, and residential businesses, the enlarged group is organised along geographical lines covering Singapore, China, India, Vietnam, and other developed markets. The lodging business as well as the fund and asset management businesses are organised as standalone sectors.
Vietnam is a key growth market and the third largest market for CapitaLand in Southeast Asia.
In 2019, CapitaLand celebrates its 25th year of operations in Vietnam. Over the past 25 years, CapitaLand has made its mark as a sustainable real estate developer with a growing track record.