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    A17U   SG1M77906915

ASCENDAS REAL ESTATE INVESTMENT TRUST

(A17U)
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Singapore's CapitaLand to split, form listed investment business

03/22/2021 | 06:58am EST
A CapitaLand building is pictured in Singapore

SINGAPORE (Reuters) - Singapore's CapitaLand plans to split in two, with its real estate investment management business becoming the world's third largest as a new listed entity and its property development business to be taken private.

CapitaLand, which is 52% owned by Singapore state investor Temasek, said it aims to achieve higher valuations for the investment management business which will no longer be hobbled by the intensive capital needs of development.

The restructuring comes after CapitaLand, which operates in Singapore, China, India and other markets, posted its biggest loss in 2020 due to the coronavirus pandemic.

"The overarching objective of the scheme is to sharpen the group's focus and position it to be an asset-light and capital-efficient business," CapitaLand said in a statement on Monday.

The new listed company, CapitaLand Investment Management (CLIM), will house its stakes in its real estate investment trusts, funds as well as its lodging business.

Brandon Lee, an analyst at Citi said in a note that early investor feedback was mixed, with questions around valuation multiples for CapitaLand's development business, valuation multiples for CLIM and the timing of the restructuring.

CLIM, which will be listed in Singapore, is expected to be Asia's largest real estate investment manager with assets under management of about S$115 billion ($86 billion), it added.

Shareholders will receive an implied consideration of S$4.102 per share in cash and scrip, including a one-for-one equivalent stake in CLIM. That is 24% above the last traded price of CapitaLand and implies a deal value of about S$21.3 billion ($15.9 billion).

The real estate development business will become part of CLA Real Estate Holdings, a Temasek unit. It will hold a 51.8% stake in CLIM and continue to develop projects for CLIM.

The deal is expected to be completed in or around the fourth quarter of 2021.

Trading in CapitaLand's shares and units of the REITs were halted and trading will resume on Tuesday.

Its Singapore-listed REITs are Ascott Residence Trust, CapitaLand Integrated Commercial Trust, Ascendas, CapitaLand China Trust and Ascendas India Trust.

CapitaLand had a market value of around $13 billion as of Friday's close. The REITs had a combined market value of $25 billion.

JP Morgan is advising CapitaLand and DBS Bank CLA Real Estate.

In 2019, CapitaLand completed an S$11 billion cash-and-stock deal to acquire Temasek's shares in Ascendas-Singbridge, which owned logistics and industrial assets.

($1 = 1.3422 Singapore dollars)

(Reporting by Aradhana Aravindan and Anshuman Daga; Editing by Muralikumar Anantharaman and Edwina Gibbs)

By Aradhana Aravindan and Anshuman Daga


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASCENDAS INDIA TRUST -0.72% 1.37 Delayed Quote.-2.82%
ASCENDAS REAL ESTATE INVESTMENT TRUST 0.00% 2.87 Delayed Quote.-2.71%
ASCOTT RESIDENCE TRUST -0.93% 1.06 Delayed Quote.3.88%
CAPITALAND CHINA TRUST -1.65% 1.19 Delayed Quote.1.68%
CAPITALAND INTEGRATED COMMERCIAL TRUST -0.50% 2 Delayed Quote.-1.47%
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Financials
Sales 2021 1 199 M 891 M 891 M
Net income 2021 600 M 446 M 446 M
Net Debt 2021 5 739 M 4 263 M 4 263 M
P/E ratio 2021 18,6x
Yield 2021 5,47%
Capitalization 12 049 M 8 942 M 8 949 M
EV / Sales 2021 14,8x
EV / Sales 2022 14,1x
Nbr of Employees 67
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Number of Analysts 19
Last Close Price 2,87 SGD
Average target price 3,47 SGD
Spread / Average Target 20,9%
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Managers and Directors
Wee Leong Tay CEO & Non-Independent Executive Director
Lee Sze Koo Chief Financial Officer
Swan-Gin Beh Chairman
Lawden Tan Head-Investment & Business Development
Peng Ee Chan Lead Independent Non-Executive Director
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