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Singapore's CapitaLand in $8 bn deal creating Asia property giant

AFP  |  Singapore 

Singapore's said Monday it has agreed to buy two real estate holding firms in a USD 8.1 billion deal that will create Asia's biggest group with assets in dozens of countries.

Under the agreement, will acquire two units from a subsidiary of state investment firm

If approved, the new entity will have assets under management of more than 116 billion dollars, including businesses, industrial parks, hotels, commercial, in over 30 countries. The agreement is subject to approval by CapitaLand's independent shareholders at a meeting in the first half of this year, the group said in a statement.

The company is buying the real estate units from subsidiary Ascendas-Singbridge Group, which develops towns, industrial parks, offices, hotels and warehouses across the world.

The deal comes as new Lee Chee Koon, who took over in September, seeks to steer the company deeper into new markets.

"Geographically, the deal strengthens CapitaLand's presence in our core markets of and China, while adding meaningful scale in India, US and Europe," he said.

Payment to will be in cash and stocks.

Founded in 1974, Temasek is one of Singapore's two main investment vehicles. It had a global portfolio worth Sg$308 billion as of March 31, 2018.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 14 2019. 16:40 IST