CapitaLand completes $11b acquisition of Ascendas-Singbridge, to operate as unified entity from July 1

Capitaland (Capital Tower pictured, left) and Ascendas-Singbridge (Ascent, Singapore Science Park pictured, right) will start operating as a unified entity from July 1, 2019.
Capitaland (Capital Tower pictured, left) and Ascendas-Singbridge (Ascent, Singapore Science Park pictured, right) will start operating as a unified entity from July 1, 2019. PHOTOS: CAPITALAND, ASCENDAS
CapitaLand has completed its $11 billion acquisition of Ascendas-Singbridge, and it will start operations as a unified entity.
CapitaLand has completed its $11 billion acquisition of Ascendas-Singbridge, and it will start operations as a unified entity.PHOTO: ST FILE

SINGAPORE - Mainboard-listed property heavyweight CapitaLand will mark a new milestone on July 1 as it has completed its $11 billion acquisition of Ascendas-Singbridge and will start operating as a unified entity.

In a regulatory filing on Sunday (June 30), the real estate giant announced that it had acquired all the issued shares of Ascendas Pte Ltd and Singbridge Pte Ltd from owner Temasek Holdings. With this, the group has become one of Asia's largest diversified real estate players with over $123 billion of assets under management.

Its global network of commercial, retail; business park, industrial and logistics; integrated development, urban development; residential; lodging; as well as fund and asset management businesses spans over 30 countries across more than 200 cities.

Lee Chee Koon, group chief executive of CapitaLand, said: "The completion marks the coming together of two leading real estate players as 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. 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."

Key integration deliverables accomplished include the harmonising of key operational and governance processes, formalising of reporting structures and aligning of key performance indicators and financial reports in the group's functions and business units across all geographies, according to the statement.

The transaction had earlier received overwhelming approval by CapitaLand's independent shareholders at an extraordinary general meeting in April 2019.

Separately, CapitaLand also announced on Sunday that it has appointed Ascendas-Singbridge's chief operating officer (COO) and chief financial officer (CFO), Jonathan Yap Neng Tong, as the president of CapitaLand Financial, effective July 1.

Mr Yap, 52, will oversee CapitaLand group's real estate investment trusts and business trusts, its private and third-party funds as well as its India business.

CapitaLand said he will be a key member of the management team responsible for developing and executing the enlarged group's growth strategy.

Currently, Mr Yap is also a director of Ascendas Property Fund Trustee, the manager of Ascendas India Trust which is listed on the Singapore Exchange.

CapitaLand closed one cent or 0.28 per cent down to $3.53 on Friday.