CapitaLand completed acquisition of Shanghai property

Capitaland announced additional 50% interest in Innov Tower, Shanghai.

In its announcement made on 17 August 2011, CapitaLand had stated that completion of the acquisition of an additional 50% interest in Caike Property (Shanghai) Co., Ltd. was expected to take place in the fourth quarter of 2011.

The completion was subject to the approval from the governmental authorities of the People’s Republic of China (“PRC”).

CapitaLand wishes to announce that the approval from the governmental authorities of PRC has been obtained and the Acquisition is now completed (the “Completion”).

Following the Completion, Caike has become a wholly-owned subsidiary of CapitaLand.

Caike owns a fully leased 23-storey office building known as Innov Tower, located in Caohejing High-tech Park, Shanghai, with a total gross floor area of approximately 40,445 square metres.

Management says the Completion 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 31 December 2012.