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.
The proposed logistics facility will be CapitaLand’s second logistic development in Japan. The site of the facility was acquired from Mitsui & Co as part of its ongoing collaboration with Mitsui & Co. Real Estate Ltd (Mitsui RE).
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