CapitaLand sells stake in mall owner for $1.71b

Submitted By:  Danielle Isaac Case Study:  No It expects to gain net proceeds of $660m and a net gain of $75m. CapitaLand sold its stake in a company that holds 20 retail assets in China for about $1.71b. According to a press release, each mall has an average gross floor area (GFA), excluding car park, of about 40,000 sqm. They are spread across 19 cities, of which 14 are noncore cities where CapitaLand has a single mall in each. The transaction is expected to be completed in the second quarter. CapitaLand expects to gain net proceeds of $660m and a net gain of $75m. read more