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CapitaLand divests 2 malls for over JPY42 bil & invests JPY7.5 bil in 2nd logistics asset in Japan
As part of CapitaLand’s active portfolio management strategy, it has also divested its two remaining retail malls, Olinas Mall and Seiyu & Sundrug Higashimatsuyama, in Greater Tokyo for a total of over JPY 42 billion (S$520 million ). Olinas Mall and Seiyu & Sundrug Higashimatsuyama were divested above their total valuation and CapitaLand is expected to realise a net gain of close to JPY 9 billion (S$109 million ) from the divestment of the two malls. The buyers are unrelated third parties. The agreed value of the properties was arrived on a willing-buyer and willing-seller basis. With the divestment of these two malls, CapitaLand has divested all its five malls in Japan.
Mr Gerald Yong, Chief Executive Officer, CapitaLand International, said: “CapitaLand has clinched a highly sought-after site for the development of our second logistics asset despite a limited supply of logistics development sites in the tier 1 markets of Japan. We are confident that the asset will meet the strong demand and we see further potential to expand CapitaLand’s logistics portfolio in the country. The logistics sector is the fastest growing real estate sector in Japan, fuelled by the e-commerce market that is expected to rise at a compound annual growth rate of 7.5% to reach JPY 28.6 trillion in 2024. Vacancy rates for logistics properties in Greater Osaka are also expected to be below 2% in 2022. We are deepening our partnership with Mitsui RE given their proven track record in logistics property development and leasing, and we look forward to more growth opportunities together.
https://links.sgx.com/FileOpen/NR_CL%20d...eID=673241
Stay home and stay safe, everyone.
CapitaLand divests 2 malls for over JPY42 bil & invests JPY7.5 bil in 2nd logistics asset in Japan
As part of CapitaLand’s active portfolio management strategy, it has also divested its two remaining retail malls, Olinas Mall and Seiyu & Sundrug Higashimatsuyama, in Greater Tokyo for a total of over JPY 42 billion (S$520 million ). Olinas Mall and Seiyu & Sundrug Higashimatsuyama were divested above their total valuation and CapitaLand is expected to realise a net gain of close to JPY 9 billion (S$109 million ) from the divestment of the two malls. The buyers are unrelated third parties. The agreed value of the properties was arrived on a willing-buyer and willing-seller basis. With the divestment of these two malls, CapitaLand has divested all its five malls in Japan.
Mr Gerald Yong, Chief Executive Officer, CapitaLand International, said: “CapitaLand has clinched a highly sought-after site for the development of our second logistics asset despite a limited supply of logistics development sites in the tier 1 markets of Japan. We are confident that the asset will meet the strong demand and we see further potential to expand CapitaLand’s logistics portfolio in the country. The logistics sector is the fastest growing real estate sector in Japan, fuelled by the e-commerce market that is expected to rise at a compound annual growth rate of 7.5% to reach JPY 28.6 trillion in 2024. Vacancy rates for logistics properties in Greater Osaka are also expected to be below 2% in 2022. We are deepening our partnership with Mitsui RE given their proven track record in logistics property development and leasing, and we look forward to more growth opportunities together.
https://links.sgx.com/FileOpen/NR_CL%20d...eID=673241
Stay home and stay safe, everyone.
