CapitaLand is planning to privatise its property development business and give its eligible shareholders a stake in its investment management business which will be named CapitaLand Investment Managers (CLIM).

On March 22, CapitaLand, together with CLA Real Estate Holdings (CLA), announced a scheme of arrangement to effect the proposed corporate restructuring. When completed, CLA will be the largest shareholder of CLIM with a 51.8% stake. CLA is 100% owned by Temasek Holdings.

CapitaLand will distribute roughly 48% of shares in CLIM to all its shareholders, excluding CLA. CapitaLand will also distribute in specie 6% of units in CapitaLand Integrated Commercial Trust (CICT) to shareholders, excluding CLA. This will dilute CLA’s current 28.9% stake in CICT to 22.9%.

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