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CapitaLand

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CapitaLand Group Pte. Ltd.
Company typePublic
IndustryReal estate investment management and real estate development
Predecessors
  • DBS Land
  • Pidemco Land
Founded28 November 2000;23 years ago(2000-11-28)[1]
HeadquartersSingapore
Key people
  • Wong Kan Seng (Chairman, CapitaLand Group)[2]
  • Miguel Ko (Chairman, CapitaLand Investment)[3]
  • Lee Chee Koon (Group CEO, CapitaLand Investment)[3]
Number of employees
11,500
ParentTemasek Holdings
Websitecapitaland

CapitaLandis a Singaporean real estate investment and management firm. The company holds properties in over 40 countries.[4]It has a stable of six listedreal estate investment trustsand 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.[5]

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[edit]

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.[6][7]Although this followed a new measure imposed byMonetary Authority of Singaporeto separate financial and non-financial activities of banking groups on 21 June 2000,[8]DBS Bankhad 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.[9]More details of the merged entity were given on 31 July 2000.[10]Named as CapitaLand on 6 September 2000,[11]the merger was approved by shareholders on 18 October 2000[12]and was thus officially launched on 28 November 2000.[1]

In 2002, CapitaLand's portfolio of REITs expanded to include CapitaLand Ascott Trust,[13]CapitaLand China Trust,[14]CapitaLand Ascendas REIT,[15]CapitaLand India Trust[16]and CapitaLand Malaysia Trust.[1]

On 13 September 2012, CapitaLand announced that it was listed on theDow Jones Sustainability Asia Pacific Indexin recognition of its sustainability efforts. It has been listed on the Index since then.[17]

In 2017, CapitaLand came into controversy when the company attempted to evict the Franses Art Gallery from theCavendish HotelinLondon.CapitaLand acquired the property in August 2012.[18]The case would go to theSupreme Court of the United Kingdom,which ruled against CapitaLand and upheld Franses Art Gallery's request for a new 15 year lease.[19]

On 14 January 2019, the Group announced that it would acquire Ascendas-Singbridge, a real estate group, fromTemasek Holdingsin anS$11B deal,[20][21][22]which was completed on 30 June 2019.[23]On 3 July 2019, it announced that Ascott Residence Trust (Ascott Reit) and Ascendas Hospitality Trust would be merged intoThe Ascott Limited,forming Asia's largest hospitality trust with S$7.6b in combined assets.[24]

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.[25]

On 22 March 2021, CapitaLand Group announced the proposed restructuring of its business.[26]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 theSingapore Stock Exchangeunder the trading name CapitaLandInvest and stock code, 9CI.[citation needed]

On 27 September 2021,[27]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 inMahindra 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).[28]

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).[29]

In March 2024, CapitaLand India Trust acquired an industrial property from developer Nalanda Shelter Private in the Indian state ofPunefor 7.73bn Indian rupees (€86m).[30]

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).[31]

Group structure[edit]

CapitaLand Investment[edit]

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[32]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.[32]
  • Private Funds Management had S$29 billion of assets under management as of 30 June 2023.[33]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[34]CLI's REIB owns and manages properties globally. Its portfolio includes assets in retail, office, lodging, new economy and integrated developments.[35]

Notable projects[edit]

Integrated developments[edit]

CapitaLand's integrated developments includeION OrchardandThe 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 andRaffles City Chongqing.One of CapitaLand's most recently completed developments isCapitaSpring(comprising an office tower and serviced residence), a 280m tall skyscraper in Raffles Place.

Shopping malls[edit]

CapitaLand holds retail investments in Singapore, China, Malaysia, Japan, Cambodia and Vietnam. In Singapore, its 20 malls includeBedok Mall,Bugis Junction,Bugis+,Funan,IMM,ION Orchard,JCube(defunct),Plaza Singapura,Raffles City Singapore,Westgate,Jewel Changi AirportandJunction 8.[36]It owns 46 malls in China, including CapitaMall Xizhimen in Beijing, CapitaMall Hongkou in Shanghai andRaffles City Shanghai,CapitaMall SKY+ in Guangzhou, Suzhou Center, andRaffles City Chongqing.In Malaysia and Japan, it holds investments inGurney Plazaand Queensbay Mall in Penang, Malaysia; and Olinas Mall inTokyo.

In June 2019, CapitaLand, partnering withCity Developments Limited(CDL), acquiredLiang Courtfrom 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.[37]

In November that same year, CapitaLand sold The Star Vista to co-owner Rock Productions for US$217 million.[38]

Lodging[edit]

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.[39]It possesses approximately 790 properties.

Offices[edit]

CapitaLand's commercial spaces include offices and integrated developments across Singapore, China, Germany, Japan and Vietnam. Commercial office buildings in CapitaLand's portfolio includeAsia SquareTower 2,Capital Tower,[40]CapitaGreen,[41]CapitaSpring,Six Battery Road,[42]One George StreetandRaffles City Towerin Singapore; Capital Square and Innov Center in Shanghai, China, as well as Main Airport Center and Gallileo in Frankfurt, Germany.

Homes[edit]

CapitaLand's portfolio of residential developments include The Interlace,[43]d’Leedon, Sky Vue and Sky Habitat. Recent redevelopments include the oldPearl Bank Apartmentsinto the One Pearl Bank,[44]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 ofJCubeshopping mall into a mixed development with a residential component called J'Den.

References[edit]

  1. ^abc"Official Launch Of CapitaLand Group".CapitaLand.28 November 2000.Retrieved29 June2019.
  2. ^ "Board of Directors".CapitaLand.
  3. ^ab "Our Board of Directors".CapitaLand.
  4. ^"About CapitaLand Group | CapitaLand".capitaland.Retrieved24 October2023.
  5. ^"CapitaLand Integrated Commercial Trust".cict.sg.Retrieved16 November2023.
  6. ^"Leading Property Companies Pidemco Land Limited and DBS Land Limited Announce Plans to Merge".CapitaLand.12 July 2000.Retrieved7 September2019.
  7. ^Webb, Sara (13 July 2000)."DBS Land, Pidemco Plan Merger To Create Huge Property Group".Wall Street Journal.Retrieved7 September2019.
  8. ^"New MAS Measures To Separate Financial And Non-financial Activities Of Banking Groups".mas.gov.sg.21 June 2000.Retrieved9 November2019.
  9. ^"DBS supports MAS Directives to limit Bank non-core activities".dbs.21 June 2000.Retrieved9 November2019.
  10. ^"CapitaLand Limited - News - Pidemco Land and DBS Land Announce Senior Management Designates and Set Strategic Targets for Proposed Merged Group".investor.capitaland.31 July 2000.Retrieved9 November2019.
  11. ^"CapitaLand Limited - News - Name of Proposed Merged Entity to be CapitaLand".investor.capitaland.Retrieved9 November2019.
  12. ^"Pidemco Land to merge with DBS Land to create CapitaLand".CapitaLand.18 October 2000.Retrieved7 September2019.
  13. ^"CapitaLand Ascott Trust".capitalandascotttrust.Retrieved15 November2023.
  14. ^"CapitaLand China Trust (CLCT)".clct.sg.Retrieved15 November2023.
  15. ^"Home | CapitaLand Ascendas REIT".capitaland-ascendasreit.Retrieved15 November2023.
  16. ^"Home | CapitaLand India Trust".clint.sg.Retrieved15 November2023.
  17. ^"CapitaLand recognised as global sustainability leader by Dow Jones Sustainability Index 2012/2013 Singapore"(PDF).CapitaLand.13 September 2012.Retrieved24 September2019.
  18. ^"CapitaLand to appear before London courts over dispute with UK art gallery".The Business Times.5 January 2017.Retrieved29 November2023.
  19. ^"S Franses Ltd v Cavendish Hotel (London) Limited"(PDF).franses.Retrieved29 November2023.
  20. ^"CapitaLand and Ascendas-Singbridge in S$11-billion deal to create Asia's largest diversified real estate group".CapitaLand.14 January 2019.Retrieved1 March2019.
  21. ^"CapitaLand to buy real estate group Ascendas-Singbridge from Temasek in S$11b deal".Channel NewsAsia.14 January 2019. Archived fromthe originalon 23 September 2020.Retrieved1 March2019.
  22. ^"CapitaLand to buy Temasek unit Ascendas-Singbridge in $11b deal, creating Asia's biggest diversified real estate group".The Straits Times.14 January 2019.Retrieved7 June2019.
  23. ^"CapitaLand completes $11b acquisition of Ascendas-Singbridge, to operate as unified entity from July 1".The Straits Times.30 June 2019.Retrieved3 July2019.
  24. ^"FAQs - Ascott Residence Trust and Ascendas Hospitality Trust enter combination deal | CapitaLand".capitaland.Retrieved15 July2020.
  25. ^"CapitaLand shareholders vote in favour of restructuring plan".The Straits Times.10 August 2021.ISSN0585-3923.Retrieved15 October2021.
  26. ^"CapitaLand proposes restructuring to sharpen business focus and unlock shareholder value".capitaland.Retrieved15 November2023.
  27. ^"Change of names for Ascendas Reit, Ascott Residence Trust and Ascendas India Trust | CapitaLand".capitaland.Retrieved15 November2023.
  28. ^"CapitaLand acquires industrial facilities at Mahindra World City".The Times of India.20 December 2023.Retrieved20 December2023.
  29. ^"CapitaLand buys Digital Realty data center in London, UK".DCD.Archived fromthe originalon 9 December 2023.Retrieved25 March2024.
  30. ^"CapitaLand India buys INR7.7bn industrial asset in forward purchase deal".IPE Real Assets.Archived fromthe originalon 25 March 2024.Retrieved25 March2024.
  31. ^"NETHERLANDS' BOUWINVEST COMMITS $75M TO CAPITALAND APAC LODGING FUND".Mingtiandi.Archived fromthe originalon 25 March 2024.Retrieved25 March2024.
  32. ^ab"Listed REITs and Business Trusts | CapitaLand Investment".capitaland.Retrieved24 October2023.
  33. ^"Real Assets Private Funds Management | CapitaLand Investment".capitaland.Retrieved24 October2023.
  34. ^"Lodging Management | CapitaLand Investment".capitaland.Retrieved24 October2023.
  35. ^"Investment Properties | CapitaLand Investment".capitaland.Retrieved24 October2023.
  36. ^Kaur, Karamjit (21 March 2017)."Changi's Jewel shaping up well for sparkling start in 2019".The Straits Times.
  37. ^"CapitaLand, CDL complete S$400m Liang Court mall purchase".citicommerical.Retrieved21 November2019.
  38. ^"CapitaLand sells The Star Vista in Singapore".Inside Retail Asia.21 November 2019.Retrieved21 November2019.
  39. ^"Our Brands".discoverasr.Retrieved17 January2023.
  40. ^"Capital Tower".CTBUHSkyscraper Center.
  41. ^"CapitaGreen".CTBUHSkyscraper Center.
  42. ^"6 Battery Road".CTBUHSkyscraper Center.
  43. ^Natasha Ann Zachariah (6 November 2015)."The Interlace condo wins World Building of the Year at World Architecture Festival".The Straits Times.Retrieved14 August2018.
  44. ^"One Pearl Bank | One Pearl Bank".Retrieved22 May2020.
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