CapitaLand divests 2 malls for over JPY 42bn and invests JPY 7.5bn in 2nd logistics asset in Japan

SINGAPORE - June 30, 2021 - PRLog -- CapitaLand will invest about JPY 7.5 billion ^[1] (S$90.8 million^[2]) to fully acquire a freehold site and develop a four-storey modern logistics facility in Ibaraki City, Osaka, Japan.  This is CapitaLand's second logistics development in Japan.  CapitaLand acquired the site from Mitsui & Co. as part of its on-going collaboration with Mitsui & Co. Real Estate Ltd (Mitsui RE) to develop and operate best-in-class logistics projects in Japan.  The new logistics facility will be located within a major logistics hub in Osaka, well-connected to Kyoto and Kobe via major expressways.  When completed in 3Q 2023, the logistics facility will have a gross floor area of about 27,000 square metres.

As part of CapitaLand's active portfolio management strategy, it has also divested its two remaining retail malls, Olinas Mall and Seiyu & Sundrug Higashimatsuyama, in Greater Tokyo for a total of over JPY 42 billion (S$520 million^[2]).  Olinas Mall and Seiyu & Sundrug Higashimatsuyama were divested above their total valuation and CapitaLand is expected to realise a net gain of close to JPY 9 billion (S$109 million^[2]) from the divestment of the two malls. The buyers are unrelated third parties.  The agreed value of the properties was arrived on a willing-buyer and willing-seller basis.  With the divestment of these two malls, CapitaLand has divested all its five malls in Japan.

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