SINGAPORE (Nov 25): CapitaLand has been busy with transactions this month. First, it proposed on Nov 1 to divest 28 US campus properties and two business parks in Singapore to Ascendas Real Estate Investment Trust (Ascendas REIT). On Nov 20, the developer announced the proposed divestment of Star Vista for $296 million, 13% above the mall’s book value of $262 million.
On Nov 21, both CapitaLand and City Developments (CDL) announced redevelopment plans for the Liang Court site. In May, the duo formed a 50:50 joint venture to acquire the mall at the Liang Court site from PGIM Real Estate Asia Re tail Fund for $400 million. The acquisition paved the way for the redevelopment of the entire plot. Ascot Residence Trust (Ascott REIT) owns Somerset Liang Court serviced apartments, and CDL Hospitality Trusts (CDLHT) owns the Novotel Singapore Clarke Quay hotel.
