CapitaLand Ltd. has agreed to sell its interests in 20 retail shopping malls in China to unrelated parties for a combined consideration of US$881.1 million, as part of its effort to optimise its investment portfolio.
The Singapore real-estate developer said Friday that the agreed value of the 20 retail assets in 19 Chinese cities is 8.37 billion yuan (US$1.29 billion). The company expected to complete the divestment in the second quarter with a net gain of about 75 million Singapore dollars (US$56.4 million).
The latest disposal is consistent with CapitaLand's strategy to focus in core city clusters in China. The move comes after CapitaLand's divestment last month of CapitaMall Kunshan in the Chinese city of Kunshan and an acquisition of a shopping mall under a joint venture in China's first-tier city of Guangzhou in November.
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(END) Dow Jones Newswires
January 04, 2018 19:23 ET (00:23 GMT)