CapitaLand was formed from the merger of DBS Land and Pidemco in 2000. The two developers were holding a tad too much debt to grow in those distant days. In order to lighten its balance sheet, reinvest and “turn its capital over”, CapitaLand divested a handful of malls into Singmall Property Trust (SPT) in 2001. The then-new concept of REITs wasn’t quite sold convincingly and the attempted issue failed. Some nine months later, SPT was renamed CapitaMall Trust and the rest — as they say — is history.

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