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Source:
www.capitaland.com |
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CapitaLand acquires Seiyu Singapore to unlock value
at Parco Bugis Junction |
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CapitaLand Limited (¡°CapitaLand¡±) has
entered into a sale and purchase agreement with The Seiyu, Ltd. (¡°Seiyu
Japan¡±) to acquire Seiyu (Singapore) Private Limited (¡°Seiyu
Singapore¡±), a retail department store operator, for a cash
consideration of S$1 million, subject to completion and post completion
adjustments. |
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The acquisition is expected to be completed
on 1 December 2005 or such other date as the parties may mutually agreed
in writing. |
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Concurrently, CapitaLand is in final
negotiation with several interested parties to on-sell Seiyu Singapore
so as to unlock value at Parco Bugis Junction. |
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The transaction was made through CapitaLand
Retail Investments (SY) Pte Ltd, an indirect wholly-owned subsidiary of
CapitaLand, which entered into a sale and purchase agreement with Seiyu
Japan to acquire 21,430,000 ordinary shares of S$1 each (the ¡°Sale
Shares¡±), constituting 100% of the issued share capital of Seiyu
Singapore. |
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The adjusted net tangible asset value of the
Sale Shares based on the management accounts of Seiyu Singapore for the
period ended 31 August 2005 is approximately S$4 million. |
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Seiyu Singapore |
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Seiyu Singapore is wholly owned by Seiyu
Japan, one of the largest general merchandise retailers in Japan. It
currently has three department stores located in Junction 8, Lot 1
Shoppers¡¯ Mall, and Parco Bugis Junction. |
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About CapitaLand Group |
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CapitaLand is one of the largest property
companies in Asia. Headquartered in Singapore, the multinational
company's core businesses in property, hospitality and real estate
financial services are focused in gateway cities in Asia, Australia and
Europe. |
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The company's property and hospitality
portfolio spans 70 cities in 17 countries. CapitaLand also leverages on
its significant real estate asset base and market knowledge to develop
feebased products and services in Singapore and the region. The listed
subsidiaries and associates of CapitaLand include The Ascott Group,
Raffles Holdings, CapitaMall Trust, CapitaCommercial Trust and
Australand, which is listed both in Singapore and Australia. |
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Source:
www.capitaland.com News Release
18 Oct 2005 |
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