The group now holds 55% of the property development firm.
CRL Realty, an indirect wholly owned subsidiary of CapitaLand, has bought an additional 20% interest in property development company Morganite from US-based real estate firm Wachovia Development Corporation for $4.4m.
CRL Realty previously held a 35% stake in the firm. It now holds 55% of Morganite whilst the rest of the 45% interest in Morganite continues to be held by other existing shareholders.
The consideration was arrived at on a willing-buyer and willing-seller basis, taking into account Morganite’s net asset value of $22m as of the date of acquisition.
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