CapitaLand divests three retail malls in Japan and an office building in Korea for S$448.7 million

SINGAPORE - Nov. 30, 2020 - PRLog -- CapitaLand has divested three retail malls in Japan and an office building in Korea for a total of S$448.7 million as part of its ongoing portfolio reconstitution strategy.  The buyers are unrelated third parties.  The agreed value of the properties was arrived on a willing-buyer and willing-seller basis.

In Japan, CapitaLand has divested La Park Mizue and Vivit Minami-Funabashi in Greater Tokyo, as well as CO-OP Kobe Nishinomiya Higashi in Greater Osaka above valuation for a total of JPY 21.99 billion (S$283.6 million)[1].  In August 2020, CapitaLand also divested ICON Yeoksam in Seoul above valuation for KRW 142.2 billion (S$165.1 million)[2].  CapitaLand held the office building through a private fund, Ascendas Korea Office Private Real Estate Investment Trust (REIT) 5.  CapitaLand remains the asset manager of ICON Yeoksam and will continue to receive fee income.

With these divestments[3] in Japan and Korea, the total gross value of the divestments by CapitaLand and its real estate investment trusts (REIT) would be S$3.02 billion, crossing its annual target of recycling S$3 billion of capital.  As at 30 November 2020, CapitaLand and its REITs have invested more than S$3.30 billion into new assets.

[1] Based on the exchange rate of JPY 1 to S$0.0129.

[2] Based on the exchange rate of KRW 1 to S$0.001161.

[3] For more information on the properties divested, please see Annex.

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