SINGAPORE (Reuters) - CapitaLand Ltd on Monday has proposed a consolidation of its investment management platform and the lodging business into an entity called CapitaLand Investment Management (CLIM) as part of a restructuring process.
The Singaporean property developer announced the restructuring along with CLA Real Estate Holdings, an indirect fully owned unit of Temasek Holdings Pte Ltd, the largest shareholder of CapitaLand.
CapitaLand said it would also place its real estate development business under the private ownership of CLA.
CLIM, which will be listed on the Singapore Exchange, is expected to be the largest real estate investment manager in Asia with assets under management of about S$115 billion ($85.7 billion). It will also hold stakes in CapitaLand's listed real estate investment trusts and business trusts.
In 2019, CapitaLand completed an S$11 billion cash-and-stock deal to acquire Temasek's shares in Ascendas-Singbridge, which owns logistics and industrial assets, in a deal that created Asia's largest real estate investment manager.
(Reporting by Anshuman Daga and Aradhana Aravindan, Editing by Sherry Jacob-Phillips)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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