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CapitaLand proposed to consolidate the Group’s investment management platforms, as well as its lodging business, into “CapitaLand Investment Management” (CLIM), which is to be listed by introduction on the Singapore Exchange (SGX).
CLIM is expected to be the largest real estate investment manager (REIM) in Asia, and the third largest listed REIM
company globally.
They are expected to have assets under management (AUM) of about S$115 billion.
The privatised development entity will develop and incubate projects as a key source of pipeline for CLIM.
As part of the proposed Scheme, CapitaLand will distribute approximately 48 per cent of shares in CLIM to all its Shareholders, excluding CLA Real Estate Holdings – currently the largest shareholder of CapitaLand. CapitaLand will hold the remaining 52 percent of CLIM.
Eligible shareholders are set to hold new shares in CLIM (S$4.102 per share in cash and scrip for every one CapitaLand share they own). This is about 24 percent above the last traded price of CapitaLand.
CLIM at its inception will be a fully integrated REIM with funds and property management capabilities across multiple asset classes and a spectrum of private and listed funds.
The managers of all the listed real estate investment trusts (REITs) and business trusts, as well as selected unlisted funds currently managed by CapitaLand, will be held under CLIM.
Upon completion of the scheme, the remaining real estate businesses and assets under CapitaLand, with a pro forma net asset value of about S$6.1 billion, will be held privately by CLA.
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