CapitaMalls Asia buys remaining stakes in 3 Japanese malls

CapitaMalls Asia said it has acquired the remaining 73.71 percent stakes each in La Park Mizue in Tokyo, Izumiya Hirakata in Osaka and Coop Kobe in Kobe.

The acquisition price for the three shopping malls was about S$217.4 million.

This represents a 16.9 percent discount to the malls’ latest valuations as at December 2011.

CapitaMalls Asia, the retail arm of Southeast Asia’s biggest developer CapitaLand, acquired the malls from CapitaMalls Japan Fund in which it owns a 26.29 percent stake.

It currently has seven shopping malls in six cities in Japan.

Besides these three shopping malls, the others are Vivit Square and Narashino Shopping Centre in Tokyo; Chitose Mall in Chitose and Ito Yokado Eniwa in Eniwa, Hokkaido.

Source : Channel NewsAsia – 20 Feb 2012

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