The company has divested three retail malls in Japan and an office building in Korea for a total of S$448.7M.
In Japan, CapitaLand has divested La Park Mizue and Vivt Minami-Funabashi in Greater Tokyo, as well as CO-OP Kobe Nishinomiya Higashi in Greater Osaka above valuation for a total of JPY 21.99bn ($283.6M). With these divestments in Japan and Korea, the total gross value of the divestments by CapitaLand and its real estate investment trusts would be S$3.02bn, crossing its annual target of recycling S$3bn of capital.
Following this, CapitaLand has entered into a joint venture with Mitsui & Co. Real Estate Ltd, with CapitaLand as the majority partner, to develop and operate a logistics project in Greater Tokyo.
Mr. Jason Leow, President Singapore & International, CapitaLand Group commented: “The divestment of these mature malls and office asset is part of CapitaLand’s capital recycling strategy to unlock value by reinvesting the capital into new growth opportunities such as the logistics sector in Japan.”
He concludes: “CapitaLand will continue to actively reconstitute and optimise our portfolio to deliver long-term value for our stakeholders.”
