CapitaLand Investment Limited (CLI) has announced the sale of 185,253,000 stapled securities, equivalent to a 4.88% stake, in CapitaLand Ascott Trust (CLAS). The securities were sold to an unrelated third party for a total consideration of approximately $162 million. As a result of the transaction, CLI’s shareholding in CLAS has been reduced from 28.92% to 24.04%. Consequently, CLAS will no longer be classified as a subsidiary of the CLI Group but will instead be accounted for as an associate.
The divestment has financial implications for CLI, with the company projecting a loss of approximately $141 million as a result of the transaction. Despite this, the move aligns with CLI’s strategy to streamline its portfolio and optimize capital allocation. CapitaLand Ascott Trust, known for its global portfolio of serviced residences, hotels, and rental housing properties, will continue to operate as a key player in the hospitality real estate sector, albeit with a modified relationship with its parent group. CLI’s management emphasized its commitment to driving long-term growth and value creation for shareholders while maintaining a disciplined approach to asset management
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