CapitaLand's Unit Sells Entire 50% Stake in RMZ Somerset Galleria Hotels Private Ltd

By Chester YungFeaturesDow Jones Newswires

Singapore's major real estate company CapitaLand Ltd. (C31.SG) said late Tuesday its unit Ascott International Management Pte Ltd. has sold its entire 50% stake in RMZ Somerset Galleria Hotels Private Ltd. or RSGHPL in India for 100 Indian rupees (US$1.57).

RSGHPL owns a serviced residence in Bangalore, India, which is under construction and it has ceased to be an associated company of CapitaLand after the deal, CapitaLand said in the statement. It didn't name the buyer.

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The sale is not expected to have any material impact on the net tangible assets or earnings per share of the CapitaLand Group for the financial year ending Dec. 31, the firm added.

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(END) Dow Jones Newswires

August 08, 2017 21:13 ET (01:13 GMT)