CapitaLand to get more than S$100m from bundled deal with ART

CapLand's S$98.9m profit from the sale of its two assets excludes gains from the eventual sale of the redeveloped Cairnhill Somerset back to Ascott Residence Trust.

According to OCBC, ART would acquire two assets, Ascott Raffles Place and Ascott Guangzhou, from CAPL for S$220.0m and S$63.3m, respectively. "From these transactions, CAPL is expected to book a combined gains of S$98.9m in FY12, including S$51.4m from the Raffles Place and Ascott divestments, and S$42.7m for its proportionate stake in ART’s divestment of SGCS."

CIMB adds that the S$98.9m in net profit on the divestments excludes potential development upside from the eventual sale of the redeveloped SR portion of Cairnhill Somerset back to ART in 2017.

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