CapitaLand, through its associates, has entered into agreements to divest its share of interest in the companies which hold five business park properties and Rock Square mall in China to CapitaLand Retail China Trust (CRCT).

CapitaLand’s effective stake comprises a 23% interest in Ascendas Xinsu Portfolio, Ascendas Innovation Towers and Ascendas Innovation Hub, an 80% interest in Singapore-Hangzhou Science & Technology Park Phase I and Phase II, and a 49% interest in Rock Square.

The agreed value of the properties amounts to some RMB8.13 billion ($1.65 billion), which represents a 2.9% premium to CapitaLand’s valuation in December 2019.

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