SINGAPORE - CapitaLand on Wednesday announced the proposed merger of CapitaLand Commercial Trust and CapitaLand Mall Trust in a cash-and-stock deal that adds to the sector's consolidation.
The new combined entity - called CapitaLand Integrated Commercial Trust - is expected to become the third largest real estate investment trust in the Asia-Pacific with a market cap of about $16.8 billion, and a combined property value of about $22.9 billion. This is based on valuations of CMT's and CCT's properties as at Dec 31, 2019.
The deal, by way of a trust scheme of arrangement, is subject to the approval of unitholders of CMT and CCT, and will see CMT acquiring all the issued units in CCT in the form of cash and new CMT units. With the proposed merger, the CapitaLand group will have three Reits listed on the Singapore Exchange, namely CICT, Ascendas Real Estate Investment Trust and Ascott Residence Trust.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessTimes - 🏆 15. / 51 Read more »