CapitaLand Mall Asia to buy 4 properties in Tokyo for S$636.3m
Add BT as a preferred source
Angela Tan
DeeperDive is a beta AI feature. Refer to full articles for the facts.
CAPITALAND'S shopping mall arm, CapitaLand Mall Asia, will buy four office and retail properties in Japan for S$636.3 million, inclusive of transaction costs.
The acquisition, which will strengthen CapitaLand's foothold in Greater Tokyo, is expected to increase the group's total asset size in Japan to about S$2.5 billion. It is also expected to be immediately accretive, contributing a net operating income of about S$25 million per year, providing CapitaLand with a stable source of income.
The portfolio comprises two office buildings in Yokohama - Yokohama Blue Avenue and Sun Hamada; one office building in Tokyo - Kokugikan Front; and one shopping mall in Saitama - Seiyu & Sundrug.
Without the transaction costs, the agreed property price is S$620.1 million.
The acquisition will be funded by a combination of internal funds and borrowings, and is expected to be completed in the first quarter of this year.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Beijing’s calculated silence on the Iran war
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
