CapitaLand wraps up Ascendas-Singbridge buyout

Singapore

MAINBOARD-LISTED property heavyweight CapitaLand will mark a new milestone on July 1 as an enlarged group following the completion of its S$11 billion acquisition of Ascendas-Singbridge.

In a regulatory filing by CapitaLand on Sunday, the real estate giant announced that it had completed its transaction with Temasek and acquired all the issued shares of Ascendas and Singbridge. With this, the group has become one of Asia's largest diversified real estate players with over S$123 billion of assets under management. Its global network of commercial, retail; business park, industrial and logistics; integrated development, urban development; residential; lodging; as well as fund and asset management businesses spans over 30 countries across more than 200 cities.

Lee Chee Koon, group chief executive of CapitaLand, said: "The completion marks the coming together of two leading real estate players as one unified entity. As an enlarged group, we possess fully integrated capabilities in four core markets - Singapore, China, India and Vietnam - while building greater scale in developed markets.

"With more asset classes in these markets, we will go further to achieve transformational growth. Diversifying our portfolio to new economy sectors such as business parks, logistics and industrial properties, will give us added competitive edge via a bigger global network of touchpoints. With greater access to the best talents, capital partners, markets and asset classes, we are confident of building CapitaLand into a winning global company."

Key integration deliverables accomplished include the harmonising of key operational and governance processes, formalising of reporting structures and aligning of key performance indicators and financial reports in the group's functions and business units across all geographies, according to the statement.

CapitaLand also announced the appointment of Ascendas-Singbridge's chief operating officer (COO) and chief financial officer (CFO) Jonathan Yap Neng Tong as the president of CapitaLand Financial on July 1.

The 52-year-old Mr Yap will oversee CapitaLand Group's real estate investment trusts and business trusts, as well as private and third-party funds.

Mr Yap will also oversee the mainboard-listed property group's India business. He will be a key member of the management team responsible for developing and executing the enlarged CapitaLand's growth strategy. CapitaLand said Mr Yap has relevant experience and competency to enable him to fulfil his responsibilities in his new role.

Currently, he is a director of Ascendas Property Fund Trustee, the manager of Ascendas India Trust which is listed on the Singapore Exchange.

Mr Yap was the chief investment officer and head of real estate funds at Ascendas-Singbridge from June 2015 to November 2017; assistant CEO of Ascendas from July 2012 to May 2015. From June 2007 to July 2014, he was an executive director and CEO of Ascendas Property Fund Trustee and head of real estate funds at Ascendas.

Mr Yap graduated with a Bachelor of Science in Estate Management (Honours) and Master of Science in Project Management from National University of Singapore.

CapitaLand closed one Singapore cent, or 0.28 per cent, down to S$3.53 on Friday.