CapitaLand

Source: Wikipedia, the free encyclopedia.

CapitaLand Group Pte. Ltd.
Temasek Holdings
Websitecapitaland.com

CapitaLand is a real estate investment and management firm headquartered in Singapore. The company holds properties in over 40 countries.[5] It has a stable of six listed real estate investment trusts and business trusts, as well as about 30 private vehicles. It pioneered REITs in Singapore with the listing of CapitaLand Mall Trust in 2002, now merged with CapitaLand Commercial Trust to form CapitaLand Integrated Commercial Trust.[6]

In August 2021, the company was restructured to form CapitaLand Investment (CLI), its real estate investment management business; and CapitaLand Development, its privately held property development arm.

History

On 12 July 2000, DBS Land (DBSL) and Pidemco Land announced a merger to form a company eventually owning about $18 billion in assets, making it the largest listed property company in Southeast Asia when completed.[7][8] Although this followed a new measure imposed by Monetary Authority of Singapore to separate financial and non-financial activities of banking groups on 21 June 2000,[9] DBS Bank had already divested most of its investments in DBSL and was holding 5.4% of DBSL, well below the 20% shareholding threshold for non-core banking activities under the new measure.[10] More details of the merged entity were given on 31 July 2000.[11] Named as CapitaLand on 6 September 2000,[12] the merger was approved by shareholders on 18 October 2000[13] and was thus officially launched on 28 November 2000.[1]

In 2002, CapitaLand's portfolio of REITs expanded to include CapitaLand Ascott Trust,[14] CapitaLand China Trust,[15] CapitaLand Ascendas REIT,[16] CapitaLand India Trust[17] and CapitaLand Malaysia Trust.[1]

On 13 September 2012, CapitaLand announced that it was listed on the Dow Jones Sustainability Asia Pacific Index in recognition of its sustainability efforts. It has been listed on the Index since then.[18]

In 2017, CapitaLand came into controversy when the company attempted to evict the Franses Art Gallery from the

Cavendish Hotel in London. CapitaLand acquired the property in August 2012.[19] The case would go to the Supreme Court of the United Kingdom, which ruled against CapitaLand and upheld Franses Art Gallery's request for a new 15 year lease.[20]

On 14 January 2019, the Group announced that it would acquire Ascendas-Singbridge, a real estate group, from

S$11B deal,[21][22][23] which was completed on 30 June 2019.[24] On 3 July 2019, it announced that Ascott Residence Trust (Ascott Reit) and Ascendas Hospitality Trust would be merged, forming Asia's largest hospitality trust with S$7.6b in combined assets.[25]

On 29 September 2020, unitholders of CapitaLand Mall Trust and CapitaLand Commercial Trust voted in favour of the merger of both REITs to form CapitaLand Integrated Commercial Trust, which would become the largest Singapore REIT and one of the largest REITs in the Asia Pacific with an asset base of S$22.4 billion.[26]

On 22 March 2021, CapitaLand Group announced the proposed restructuring of its business.[27] With the restructuring, the Group formed two entities – CapitaLand Investment (CLI), the real estate investment management business which was listed on SGX-ST on 20 September 2021 and CapitaLand Development (CLD), the privatised property development arm.

On the 20th of September 2021, CLI debuted on the Singapore Stock Exchange under the trading name CapitaLandInvest and stock code, 9CI.

On 27 September 2021,[28] CapitaLand announced the change of names of Ascendas Real Estate Investment Trust, Ascott Residence Trust and Ascendas India Trust under one unified CapitaLand brand. Ascendas Real Estate Investment Trust was renamed to CapitaLand Ascendas REIT. Ascott Residence Trust was renamed to CapitaLand Ascott Trust. Ascendas India Trust was renamed to CapitaLand India Trust.

In December 2023, CapitaLand India Trust (CLINT) completed the acquisition of the industrial facility Casa Grande - Phase 2 in Mahindra World City, Chennai. The acquisition comprises two fully leased industrial facilities totaling 0.33 million sq ft for a consideration of approximately $28.7 million (Rs 177 crore).[29]

CapitaLand Ascendas REIT brought its London data centre footprint to five in 2023 by buying the 31MW Chess Building data centre from Digital Realty for £125.1m ($159m).[30]

In March 2024, CapitaLand India Trust acquired an industrial property from developer Nalanda Shelter Private in the Indian state of Pune for 7.73bn Indian rupees (€86m).[31]

Also in March 2024, Amsterdam-based Bouwinvest Real Estate Investors invested $75 million for the $600 million CapitaLand Ascott Residence Asia Fund II (CLARA II).[32]

Group structure

CapitaLand Investment

In August 2021, CapitaLand's shareholders voted in favour of the company to restructure its business to form two distinct entities – CapitaLand Investment and CapitaLand Development.

  • Listed Funds Management[33] CLI's listed funds business comprises CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, CapitaLand Ascott Trust, CapitaLand China Trust, CapitaLand India Trust, and CapitaLand Malaysia Trust. CLI's listed funds have a total market capitalisation of S$32 billion as at 30 June 2023.[33]
  • Private Funds Management had S$29 billion of assets under management as of 30 June 2023.[34] CLI's private vehicles include CapitaLand Open End Real Estate Fund, CapitaLand China Data Centre Partners, CapitaLand China Opportunistic Partners Programme, CapitaLand SEA Logistics Fund and Ascott Serviced Residence Global Fund.
  • Lodging Management[35] CLI's REIB owns and manages properties globally. Its portfolio includes assets in retail, office, lodging, new economy and integrated developments.[36]

Notable projects

Integrated developments

CapitaLand's integrated developments include ION Orchard and The Orchard Residences, Ascott Orchard Singapore and Cairnhill Nine, as well as Raffles City. in Singapore with the opening of Raffles City Singapore in 1986, there are now 10 other Raffles City developments in seven gateway cities in China, including the latest Raffles City The Bund and Raffles City Chongqing. One of CapitaLand's most recently completed developments is CapitaSpring (comprising an office tower and serviced residence), a 280m tall skyscraper in Raffles Place.

Shopping malls

CapitaLand holds retail investments in Singapore, China, Malaysia, Japan, Cambodia and Vietnam. In Singapore, its 20 malls include

Westgate, Jewel Changi Airport and Junction 8.[37] It owns 46 malls in China, including CapitaMall Xizhimen in Beijing, CapitaMall Hongkou in Shanghai and Raffles City Shanghai, CapitaMall SKY+ in Guangzhou, Suzhou Center, and Raffles City Chongqing. In Malaysia and Japan, it holds investments in Gurney Plaza and Queensbay Mall in Penang, Malaysia; and Olinas Mall in Tokyo
.

In June 2019, CapitaLand, partnering with City Developments Limited (CDL), acquired Liang Court from mall operator AsiaMalls, an entity linked to PGIM Real Estate, for S$400 million. Before co-owning the mall with CDL, CapitaLand, via Ascott Residence Trust, owned and managed Somerset Liang Court Singapore, attached to Liang Court mall.[38]

In November that same year, CapitaLand sold The Star Vista to co-owner Rock Productions for US$217 million.[39]

Lodging

The Ascott Limited, a wholly owned subsidiary of CapitaLand, opened The Ascott Singapore in 1984. In 2006, it established the world's first Pan-Asian serviced residence REIT, Ascott Residence Trust. Today, the company's serviced residence brands include Ascott, Citadines, Oakwood, lyf, Quest, Somerset and The Crest Collection.[40] It possesses approximately 790 properties.

Offices

CapitaLand's commercial spaces include offices and integrated developments across Singapore, China, Germany, Japan and Vietnam. Commercial office buildings in CapitaLand's portfolio include

Raffles City Tower
in Singapore; Capital Square and Innov Center in Shanghai, China, as well as Main Airport Center and Gallileo in Frankfurt, Germany.

Homes

CapitaLand's portfolio of residential developments include The Interlace,[44] d’Leedon, Sky Vue and Sky Habitat. Recent redevelopments include the old Pearl Bank Apartments into the One Pearl Bank,[45] which is slated for completion in 2023; as well as CanningHill Piers on the site of the former Liang Court, scheduled for completion in 2025. CapitaLand's homes can be found in Singapore, China, Indonesia, Malaysia and Vietnam. The latest project is the redevelopment of JCube shopping mall into a mixed development with a residential component called J'Den.

References

  1. ^ a b c "Official Launch Of CapitaLand Group". CapitaLand. 28 November 2000. Retrieved 29 June 2019.
  2. ^ "Board of Directors". CapitaLand.
  3. ^ "Our Board of Directors". CapitaLand.
  4. ^ "Our Board of Directors". CapitaLand.
  5. ^ "About CapitaLand Group | CapitaLand". www.capitaland.com. Retrieved 24 October 2023.
  6. ^ "CapitaLand Integrated Commercial Trust". www.cict.com.sg. Retrieved 16 November 2023.
  7. ^ "Leading Property Companies Pidemco Land Limited and DBS Land Limited Announce Plans to Merge". CapitaLand. 12 July 2000. Retrieved 7 September 2019.
  8. ^ Webb, Sara (13 July 2000). "DBS Land, Pidemco Plan Merger To Create Huge Property Group". Wall Street Journal. Retrieved 7 September 2019.
  9. ^ "New MAS Measures To Separate Financial And Non-financial Activities Of Banking Groups". www.mas.gov.sg. 21 June 2000. Retrieved 9 November 2019.
  10. ^ "DBS supports MAS Directives to limit Bank non-core activities". www.dbs.com. 21 June 2000. Retrieved 9 November 2019.
  11. ^ "CapitaLand Limited - News - Pidemco Land and DBS Land Announce Senior Management Designates and Set Strategic Targets for Proposed Merged Group". investor.capitaland.com. 31 July 2000. Retrieved 9 November 2019.
  12. ^ "CapitaLand Limited - News - Name of Proposed Merged Entity to be CapitaLand". investor.capitaland.com. Retrieved 9 November 2019.
  13. ^ "Pidemco Land to merge with DBS Land to create CapitaLand". CapitaLand. 18 October 2000. Retrieved 7 September 2019.
  14. ^ "CapitaLand Ascott Trust". www.capitalandascotttrust.com. Retrieved 15 November 2023.
  15. ^ "CapitaLand China Trust (CLCT)". www.clct.com.sg. Retrieved 15 November 2023.
  16. ^ "Home | CapitaLand Ascendas REIT". www.capitaland-ascendasreit.com. Retrieved 15 November 2023.
  17. ^ "Home | CapitaLand India Trust". www.clint.com.sg. Retrieved 15 November 2023.
  18. ^ "CapitaLand recognised as global sustainability leader by Dow Jones Sustainability Index 2012/2013 Singapore" (PDF). CapitaLand. 13 September 2012. Retrieved 24 September 2019.
  19. ^ "CapitaLand to appear before London courts over dispute with UK art gallery". The Business Times. 5 January 2017. Retrieved 29 November 2023.
  20. ^ "S Franses Ltd v Cavendish Hotel (London) Limited" (PDF). franses.com. Retrieved 29 November 2023.
  21. ^ "CapitaLand and Ascendas-Singbridge in S$11-billion deal to create Asia's largest diversified real estate group". CapitaLand. 14 January 2019. Retrieved 1 March 2019.
  22. ^ "CapitaLand to buy real estate group Ascendas-Singbridge from Temasek in S$11b deal". Channel NewsAsia. 14 January 2019. Archived from the original on 23 September 2020. Retrieved 1 March 2019.
  23. ^ "CapitaLand to buy Temasek unit Ascendas-Singbridge in $11b deal, creating Asia's biggest diversified real estate group". The Straits Times. 14 January 2019. Retrieved 7 June 2019.
  24. ^ "CapitaLand completes $11b acquisition of Ascendas-Singbridge, to operate as unified entity from July 1". The Straits Times. 30 June 2019. Retrieved 3 July 2019.
  25. ^ "FAQs - Ascott Residence Trust and Ascendas Hospitality Trust enter combination deal | CapitaLand". www.capitaland.com. Retrieved 15 July 2020.
  26. ISSN 0585-3923
    . Retrieved 15 October 2021.
  27. ^ "CapitaLand proposes restructuring to sharpen business focus and unlock shareholder value". www.capitaland.com. Retrieved 15 November 2023.
  28. ^ "Change of names for Ascendas Reit, Ascott Residence Trust and Ascendas India Trust | CapitaLand". www.capitaland.com. Retrieved 15 November 2023.
  29. ^ "CapitaLand acquires industrial facilities at Mahindra World City". The Times of India. 20 December 2023. Retrieved 20 December 2023.
  30. ^ "CapitaLand buys Digital Realty data center in London, UK". DCD. Archived from the original on 9 December 2023. Retrieved 25 March 2024.
  31. ^ "CapitaLand India buys INR7.7bn industrial asset in forward purchase deal". IPE Real Assets. Archived from the original on 25 March 2024. Retrieved 25 March 2024.
  32. ^ "NETHERLANDS' BOUWINVEST COMMITS $75M TO CAPITALAND APAC LODGING FUND". Mingtiandi. Archived from the original on 25 March 2024. Retrieved 25 March 2024.
  33. ^ a b "Listed REITs and Business Trusts | CapitaLand Investment". www.capitaland.com. Retrieved 24 October 2023.
  34. ^ "Real Assets Private Funds Management | CapitaLand Investment". www.capitaland.com. Retrieved 24 October 2023.
  35. ^ "Lodging Management | CapitaLand Investment". www.capitaland.com. Retrieved 24 October 2023.
  36. ^ "Investment Properties | CapitaLand Investment". www.capitaland.com. Retrieved 24 October 2023.
  37. ^ Kaur, Karamjit (21 March 2017). "Changi's Jewel shaping up well for sparkling start in 2019". The Straits Times.
  38. ^ "CapitaLand, CDL complete S$400m Liang Court mall purchase". citicommerical. Retrieved 21 November 2019.
  39. ^ "CapitaLand sells The Star Vista in Singapore". Inside Retail Asia. 21 November 2019. Retrieved 21 November 2019.
  40. ^ "Our Brands". www.discoverasr.com. Retrieved 17 January 2023.
  41. ^ "Capital Tower". CTBUH Skyscraper Center.
  42. ^ "CapitaGreen". CTBUH Skyscraper Center.
  43. ^ "6 Battery Road". CTBUH Skyscraper Center.
  44. ^ Natasha Ann Zachariah (6 November 2015). "The Interlace condo wins World Building of the Year at World Architecture Festival". The Straits Times. Retrieved 14 August 2018.
  45. ^ "One Pearl Bank | One Pearl Bank". Retrieved 22 May 2020.
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