CapitaLand and Ascendas-Singbridge complete transaction to form one of Asia’s largest diversified real estate groups
To operate as a unified CapitaLand Group from 1 July 2019
New Chapter of CapitaLand... Get Closer, Go Further! Welcome Address by Lee Chee Koon
In a video to staff on 1 July 2019, Group CEO Mr Lee Chee Koon welcomed the teams that have come together from both CapitaLand and Ascendas-Singbridge, to the new unified CapitaLand Group. Watch the video as Mr Lee shared his thoughts about the Group’s new chapter, and the importance of doing well, doing right and doing good as ONE.
Singapore, 30 June 2019 – CapitaLand Limited has completed its transaction with Temasek and acquired all the issued shares of each of Ascendas Pte Ltd and Singbridge Pte. Ltd.[1], creating one of Asia’s largest diversified real estate groups with over S$123 billion of assets under management. The transaction had earlier received overwhelming approval by CapitaLand’s independent shareholders at an Extraordinary General Meeting held on 12 April 2019.
With the completion of the transaction, the enlarged CapitaLand Group will operate as a unified entity from 1 July 2019 as it marks a new chapter of combined competencies and scale. The Group’s enhanced real estate value chain and enlarged global network of commercial, retail; business park, industrial and logistics; integrated development, urban development; residential; lodging; as well as fund and asset management businesses spans over 30 countries across more than 200 cities.
“The completion marks the coming together of two leading real estate players as one unified entity. As an enlarged Group, we possess fully integrated capabilities in four core markets – Singapore, China, India and Vietnam, while building greater scale in developed markets. With more asset classes in these markets, we will go further to achieve transformational growth. Diversifying our portfolio to new economy sectors such as business parks, logistics and industrial properties, will give us added competitive edge via a bigger global network of touchpoints. With greater access to the best talents, capital partners, markets and asset classes, we are confident of building CapitaLand into a winning global company.”
- Mr Lee Chee Koon, Group CEO, CapitaLand Group
Led by the Integration Management Office, the integration teams have been working closely to achieve operational readiness for CapitaLand Group by 1 July 2019. Key integration deliverables accomplished include the harmonising of key operational and governance processes, formalising of reporting structures and aligning of key performance indicators and financial reports in the Group’s functions and business units across all geographies.
CapitaLand announced in May 2019 the Group’s key executive appointments and business organisation structure which will come into effect on 1 July 2019. For its commercial, retail; business park, industrial and logistics; integrated development, urban development; and residential businesses, the enlarged Group is organised along geographical lines covering Singapore, China, India, Vietnam and other developed markets. The lodging business as well as the fund and asset management business are organised as standalone sectors.
Because we want to get closer to you, and go further together!
To celebrate CapitaLand and Ascendas-Singbridge coming together as ONE, we are giving away Ascott Star Rewards points to lucky winners on CapitaLand’s Facebook and Instagram for our 'Get closer. Go Further.' global giveaway!
With 1,000+ properties across 200+ cities in 30+ countries, CapitaLand is now a bigger global network of touchpoints. Live, work, play, learn and invest with our commercial, retail; business park, industrial and logistics; integrated development, urban development; residential; lodging; as well as fund and asset management businesses. Travel the world with us and play the ‘Get closer. Go further.’ 360 game now!
Capital Tower, Singapore
Ascent, Singapore Science Park
Raffles City Chongqing, China
Funan, Singapore
Vista Verde, Ho Chi Minh City, Vietnam
International Tech Park Bangalore, India
Ascott Orchard Singapore and Cairnhill Nine
Unit 5 Wellesbourne Distribution Park, West Midlands, UK
China-Singapore Guangzhou Knowledge City, China
Heronfield, Seattle, USA
[1] Ascendas Pte Ltd (APL) and Singbridge Pte. Ltd. (SPL) were the holding companies of the business of Ascendas-Singbridge. Following the completion of the acquisition, both APL and SPL have become wholly owned subsidiaries of CapitaLand. APL holds business space and industrial development platforms and fund management platforms; and SPL holds the joint ventures for large scale urban development projects.