CapitaLand completes acquisition of Ascendas-Singbridge

Ascendas-Singbridge signage at construction site near Tanjong Pagar MRT in Singapore’s central business district.Ascendas-Singbridge signage at construction site near Tanjong Pagar MRT in Singapore’s central business district.

CapitaLand has completed the acquisition of Ascendas-Singbridge from Singapore state-owned investment company Temasek, creating one of Asia’s largest diversified real-estate groups with more than S$123 billion under management, the property company said in a statement Sunday.

The enlarged company will span 30 countries and more than 200 cities, the statement said.

The combined entity’s footprint will include commercial, retail, business park, industrial and logistics, integrated development, urban development, residential and lodging, CapitaLand said, adding it also had fund and asset management businesses.

“As an enlarged group, we possess fully integrated capabilities in four core markets – Singapore, China, India and Vietnam, while building greater scale in developed markets,” Lee Chee Koon, group CEO of CapitaLand, said in the statement.

“Diversifying our portfolio to new economy sectors such as business parks, logistics and industrial properties, will give us added competitive edge via a bigger global network of touchpoints,” Lee added.

The Singapore-listed property developer had announced its key executive appointments and structure in May.

The lodging business, and the fund and asset management businesses will be organized as stand-alone sectors, while the other divisions will be organized along geographical lines covering Singapore, China, India, Vietnam and other developed markets, CapitaLand said.

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