CapitaLand is on track to complete its acquisition of Ascendas-Singbridge, a deal valued at around S$11 billion, by the end of June, and will set up a new executive committee for strategic planning, the property developer said Monday.
In January, CapitaLand agreed to acquire Ascendas-Singbridge from Temasek in a deal that create one of Asia’s largest real estate groups with more than S$123 billion in assets under management.
The lodging business and the fund and asset management business will be organized as standalone sectors, CapitaLand said in a filing to SGX before the market open.
For the commercial, retail, business park, industrial and logistics, integrated development, urban development and residential businesses, the enlarged group will be organized along geographic lines covering Singapore, China, India, Vietnam and other developed markets, the filing said.
“Under the new business organization structure, the group will be able to quickly mobilize teams with people from two different companies – spanning functions and business units across all geographies,” Lee Chee Koon, CEO of CapitaLand, said in the statement.
“We are gearing up to be operationally ready from day one and to chart a new era of higher performance for CapitaLand,” Lee said.
CapitaLand said it would be setting up a Group Centre of Excellence (COE) to set standards for the business sectors and operating platforms, focusing on urban strategy, business communities development, retail innovation, customer services, sustainability and technology.
In line with the new structure, the developer said it will form a new executive committee, led by CEO Lee, for strategic planning and organizational implementation.
An integration management committee, led by non-executive independent director Stephen Lee, has been working with the CapitaLand and Ascendas-Singbridge integration teams to ensure unified operations after the deal is completed, the filing said.
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