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CapitaLand Sells Tokyo Malls for $376mn, Exiting Non-core Assets
July 2, 2021
Singapore headquartered CapitaLand has sold two malls in Greater Tokyo for a consideration of JPY 42bn ($376.4mn) as a part of its portfolio management strategy. The sale of the malls is expected to result in a profit of ~JPY 9bn ($80.7mn). Simultaneously, the real estate company is rejigging its portfolio to acquire assets in the new economy sector. It has committed JPY 7.5bn ($67.2mn) to acquire a freehold site to develop a modern logistics facility in Osaka, Japan from Mitsui & Co Real Estate Ltd. After the execution of the two transactions, CapitaLand’s AUM in Japan will be S$3.2bn ($2.4bn). Mr. Jason Leow, President, Singapore & International, CapitaLand Group, said, “CapitaLand has successfully exited from retail in Japan, which is non-core to the Group, and will continue our strategic pivot by reinvesting the proceeds from the divestment of our mature malls into new economy assets like logistics that have significant growth opportunities.”
CapitaLand’s 3.2% 2025s were stable at 107.04 and its and 3.609% 2029s were up 0.41 points to trade at 109 on the secondary markets.
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