CapitaLand divests Bedok Mall to CMT for S$783.1 million
CapitaLand has sold Bedok Mall to CapitaLand Mall Trust (CMT) for S$783.1 million.
Of the total, CapitaLand will receive from CMT about S$464.0 million, including 72 million new units in CMT, which will be priced at the 10-day volume weighted average price immediately preceding the date of completion of the transaction. An existing bank loan of S$319.1 million taken by Brilliance Mall Trust will also be repaid.
The sale and purchase agreement was conducted between CapitaLand's wholly-owned subsidiaries Brilliance Residential and CMA Singapore Investments (3), and CMT's trustee, HSBC Institutional Trust Services, for the sale of the entire unitholding interest in Brilliance Mall Trust, which owns Bedok Mall.
The divestment was based on an agreed value of S$780.0 million for Bedok Mall and other net assets of Brilliance Mall Trust of about S$3.1 million.
Bedok Mall was valued at S$775.0 million as at June 30. The transaction, which is conditional upon shareholder approval, is expected to be completed by Q4 this year.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale
Country Garden extends bonds to avoid first local default
Daughter of Chinese steel-and-nickel tycoon picks up S$84 million Bin Tong Park bungalow