divestment

CapitaLand divests entire stake in Chongqing property for $19.6 mil

SINGAPORE (Aug 29): Property group CapitaLand is divesting Somerset Jiefangbei Chongqing in China.

The cash consideration, subject to post-completion adjustments, is RMB99.2 million ($19.6 million), based on an agreed property value of RMB200 million.

The entire property is 100% held through Citadines Ming Zhu Property (CMCQ), a China-incorporated holding company.

The sale and purchase agreement for the 100% stake in CMCQ was signed between buyer Zhongshen Tianjin Commercial Management and seller Mingzhu Investments, a wholly owned subsidiary of CapitaLand.

FLT divests 50% interest in Queensland property for A$134.2 mil

SINGAPORE (June 13): The manager of Frasers Logistics & Industrial Trust (FLT) announced that it has through its wholly-owned sub-trust, divested 50% of its interest in the property at 99 Sandstone Place, Parkinson, Queensland, Australia, for a consideration of A$134.2 million ($127.2 million).

The purchaser is an entity managed by DWS, a global real estate investment manager.

The property is a cold storage distribution facility, which is currently leased to Coles Group. It has a total gross lettable area of 54,245 sqm and occupies a site of 155,300 sqm.

CapitaLand injects two Shanghai office buildings to discretionary equity fund as seed assets

SINGAPORE (May 24): CapitaLand is injecting two prime Shanghai office buildings into CapitaLand Asia Partners I – the group’s maiden discretionary real estate equity fund which first closed on April 22 this year – as seed assets.

In a Friday filing, the group says it is divesting its interests in companies holding Innov Center to CapitaLand Asia Partners I, at a price that takes into account an agreed property value of RMB3.1 billion ($621 million).

Frasers Logistics Trust partially divesting Australian asset for A$15 mil; seeks buyer for remaining components

SINGAPORE (May 16): The manager of Frasers Logistics & Industrial Trust (FLT) says it is divesting the warehouse and hardstand components of 610 Heatherton Road in Victoria, Australia, to Mack Bros Enterprises for A$15 million ($14.2 million).

The deal represents a 11.1% premium to the property as at 15 April this year, and is subject to FLT’s successful registration of its subdivision plans for the property with the relevant authorities.

MapletreeLog Trust divests 5 Japan properties for $213 mil

SINGAPORE (Apr 10): Mapletree Logistics Trust (MLT) has divested five properties in Japan to Godo Kaisha T&C for a total sale consideration of JPY 12.5 billion ($213.3 million) in cash.

The sale consideration is 21% above the latest appraised value of JPY 14.4 billion for all five properties as at Mar 31, 2019. The consideration is also 13% above the original purchase cost (including capital expenditure and other related costs) of JPY 15.5 billion.

Details of the properties

Soilbuild REIT disposes 72 Loyang Way asset for $34.1 mil with remaining lease of 19 years

SINGAPORE (Mar 21): Soilbuild Business Space REIT (Soilbuild REIT) has agreed to sell its industrial property at 72 Loyang Way, and all of its mechanical electrical equipment, to Kim Hock Enterprise for a total consideration of $34.08 million.

The REIT is expecting net proceeds of about $34.055 million after accounting for divestment-related expenses, resulting in an estimated net gain of $55,000.

To shut, sell or refinance Malaysia Airlines? PM Mahathir to decide 'soon'

(Mar 12): The Malaysian government is considering whether to shut, sell or refinance national carrier Malaysia Airlines (MAB), Prime Minister Mahathir Mohamad said on Tuesday.

The government was studying options for the national carrier, and a decision should be made “soon”, Mahathir said, when asked about analysts’ suggestions the airline be shut down or spun off.

“It is a very serious matter to shut down the airline,” Mahathir told a news conference at parliament.

SIA Engineering divests 20% stake in Jamco joint venture for $4 mil

SINGAPORE (Jan 30): SIA Engineering Company (SIA EC) has sold its entire 20% stake in Jamco Singapore, to the latter’s majority owner Jamco Corporation for $3.97 million in cash, representing a 43% premium to net value.

Based on the JV’s audited financial statement for FY18, the net asset value of shares disposed of by SIA EC is $2.77 million.

Jamco Singapore was a 20:75:5 joint venture between SIA EC, Jamco and Itochu Corporation. It is based in Singapore and manufactures aircraft galleys, seats and cabin parts.

FHT said to put up Sofitel Sydney Wentworth for sale

SINGAPORE (Jan 29): Frasers Hospitality Trust (FHT) is putting up Sofitel Sydney Wentworth for sale at a time over A$1 billion worth of hotels are expected to change hands, according to The Australian.

Sofitel Sydney Wentworth is one of the last dowager hotels in Sydney and is said to be worth more than A$400 million ($388.4 million).

FHT first acquired the Sofitel Sydney Wentworth in 2014 for A$202.7 million. The hotel has 436 rooms, a restaurant, club lounge and conference facilities as well as one of Sydney’s largest pillarless ballrooms.

Keppel divests 70% interest in Dong Nai Waterfront City for $136 mil

SINGAPORE (Jan 28): Keppel Corporation announced that a wholly-owned subsidiary Keppel Land Limited (KLL), Portsville, is divesting a 70% interest in Dong Nai Waterfront City (DNWC) to Nam Long Investment Corporation for a consideration of VND 2,313 billion ($136 million).

DNWC is a company incorporated under the laws of Vietnam and had been granted the right to develop a township in Dong Nai Province.

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