Mainboard-listed property heavyweight CapitaLand will mark a new milestone today as it has completed its $11 billion acquisition of Ascendas-Singbridge and will start operating as a unified entity.
In a regulatory filing yesterday, the real estate giant announced that it had acquired all the issued shares of Ascendas and Singbridge 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 network of commercial, retail, business park, industrial and logistics, integrated development, urban development, residential, lodging and fund, as well as asset management businesses spans 30 countries.
Mr 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."
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 acquisition had received overwhelming approval from CapitaLand's independent shareholders at an extraordinary general meeting in April this year.
Separately, CapitaLand also announced yesterday that it has appointed Ascendas-Singbridge's chief operating officer and chief financial officer Jonathan Yap Neng Tong as the president of CapitaLand Financial, effective today.
He 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.