CapitaLand sells remaining stake in Australand for S$970.1m

CapitaLand has sold its remaining 39.1 per cent stake in Australia’s Australand Property Group, raising around S$970.1 million.

Singapore’s largest developer said in a statement on Wednesday it placed out its remaining 226.2 million stapled securities of Australand at an average price of A$3.75 per stapled security.

The price was a discount of 3.6 per cent to Australand’s closing price on Tuesday.

“We have decided to divest our remaining stake in Australand now as market conditions are favourable and Australand’s share price has performed strongly in the past few months,” CapitaLand group CEO Lim Ming Yan said in a statement.

“This divestment would allow us to reallocate capital to our core businesses in Singapore and China,” he added.

Following the completion of the placement, CapitaLand expects to recognise a net gain of approximately S$35.7 million.

Source : Channel NewsAsia – 19 Mar 2014

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