COMMERCIAL PROPERTY | Staff Reporter, Singapore

CapitaLand divests properties amidst portfolio reconstruction

The total value of these divestments are at $448.7m.

CapitaLand has divested three retail malls in Japan and an office building in Korea for a total of $448.7m as part of its ongoing portfolio reconstitution strategy.

La Park Mizue and Vivit Minami-Funabashi in Greater Tokyo, as well as CO-OP Kobe Nishinomiya Higashi in Greater Osaka have been divested above valuation for a total of $283.6m (JPY 21.99b). ICON Yeoksam in Seoul has also been divested above valuation for $165.1m (KRW 142.2b).

The buyers are unrelated third parties, and the agreed value of the properties was on a willing-buyer and willing-seller basis.

The total gross value of the divestments by CapitaLand and its real estate investment trusts (REIT), including those in Japan and Korea, would be $3.02b. As at 30 November, CapitaLand and its REITs have invested more than $3.30b into new assets.

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