By Gaurav Raghuvanshi
SINGAPORE--CapitaLand Ltd. (C31.SG) Monday said it will buy Ascendas-Singbridge Pte. Ltd. from Singapore state investor Temasek Holdings in a deal that values the target at 11 billion Singapore dollars (US$8.13 billion).
Half of the acquisition of the real estate company to be paid for with cash and the rest with new CapitaLand shares. The deal will create the largest real estate group in Asia with assets under management of over S$116 billion, CapitaLand said in a statement to Singapore Exchange.
Temasek will receive about S$3 billion in cash and another S$3 billion in new CapitaLand shares priced at S$3.50 each, taking its stake in CapitaLand to 51% from 40.8% at present.
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