CapitaLand sells 49 percent stake in UAE-based MCRE for S$101 million

Top of the CapitaLand building in Singapore’s central business district (CBD); taken September 2018.Top of the CapitaLand building in Singapore’s central business district (CBD); taken September 2018.

CapitaLand’s wholly owned subsidiary CapitaLand GCC (Abu Dhabi) transferred its entire 49 percent stake in Mubadala CapitaLand Real Estate (MCRE) to Five Square Properties for 270.9 million UAE dirham, or around S$100.9 million, the property developer said Tuesday.

Five Square Properties is indirectly wholly owned by MCRE’s other member, Mamoura Diversified Global Holding PJSC, CapitaLand said in a filing to SGX.

MCRE was incorporated in the United Arab Emirates for residential development projects, but since completing the Rihan Heights project, hasn’t undertaken further work, CapitaLand said.

The consideration took into account 49 percent of MCRE’s adjusted net asset value of 28.3 million dirham, or around S$10.5 million, and shareholder loans of 242.6 million dirham, or around S$90.4 million, CapitaLand said.

After the stake transfer, MCRE ceased to be an associated company of CapitaLand, the filing said.

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