CapitaLand sells two Tokyo malls for $520 mil, to invest $91 mil in Osaka logistics facility

CapitaLand has divested two malls in Greater Tokyo for a total of over JPY42 billion ($520 million). The company also announced plans to invest some JPY7.5 billion ($90.8 million) to acquire a site and develop a logistics facility in Osaka.

The sale of Olinas Mall and Seiyu & Sundrug Higashimatsuyama, CapitaLand’s two remaining retail malls in Japan, is expected to result in a net gain of some JPY9 billion for the company. The malls are being sold to unrelated third parties.