CapitaLand acquires more interest in Innov Tower

CapitaLand has announced it has acquired an additional 50 per cent interest in Innov Tower, Shanghai, for approximately S$56 million.

CapitaLand said it exercised its right of first refusal to acquire from CITIC Trust Co Ltd, its 50 per cent interest in Caike Property (Shanghai) Co Ltd in which CapitaLand has an existing 50 per cent interest.

Innov Tower is the sole asset of Caike, a company incorporated in China.

The property is a fully-leased 23-storey office building located in Caohejing Hi-tech Park, Shanghai, with a total gross floor area of approximately 40,445 square metres and has a property value of about S$182 million.

CapitaLand said based on the management accounts of Caike as at July 31, the adjusted net tangible assets of the Acquired Interest is approximately S$49 million.

It added that the acquisition is not expected to have any material impact on the net tangible assets or earnings per share of the CapitaLand Group for the financial year ending December 31, 2011.

Source : Channel NewsAsia – 17 Aug 2011

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