. . World News – UK – CapitaLand is selling three shopping centers and an office building for S $ 448. 7m; enters the Japanese logistics sector

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CAPITALAND has sold three shopping centers in Japan and one office building in South Korea for a total of S $ 448. 7 million, as part of its ongoing portfolio reconstitution strategy, it said Tuesday morning in a public filing.

She also announced that she has made her first foray into the Japanese logistics sector, entering into a joint venture with Mitsui & Co Real Estate with CapitaLand as the majority partner to develop and operate a logistics project in the greater Tokyo area.

The properties sold in Japan are La Park Mizue and Vivit Minami-Funabashi in the Tokyo area and CO-OP Kobe Nishinomiya Higashi in the Osaka area, which were sold for a total of 21. 99 billion yen (S $ 283). 6 million).

It also sold ICON Yeoksam in Seoul for 142. 2 billion won (S $ 165. 1 million) in August of this year. The office building was held by a private fund, Ascendas Korea Office Private Real Estate Investment Trust (Reit) 5. CapitaLand will remain the asset manager of ICON Yeoksam and will continue to receive fee income.

CapitaLand said the sales were made via valuation and the buyers were independent third parties. After the sale, CapitaLand will keep S $ 3. 8 billion. assets under management (AUM) in Japan and $ 2 billion. S $ AUM in Korea.

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On the disposals, the total gross value of the disposals of CapitaLand and its Real Estate Investment Trusts (Reits) would be S $ 3. 02 billion, exceeding the annual recycling target of S $ 3 billion in capital.

CapitaLand and his Reits have invested more than S $ 3. At the end of November 3 billion in new assets.

« The divestment of these mature shopping malls and office properties is part of CapitaLand’s capital recycling strategy to create value by reinvesting the capital in new growth opportunities such as the logistics sector in Japan, » said Jason Leow, President of Singapore & International. CapitaLand Group.

« By reducing our exposure to the Japanese retail sector and using our logistics experience in markets such as Singapore, Australia and the UK to expand into the new economy sector in Japan, we are reacting quickly to changing market trends and consumer behavior and positioning CapitaLand for the future Growth, « he added.

CapitaLand’s new logistics company in Japan is located near central Tokyo and is expected to be completed in the fourth quarter of 2022. The four-story logistics facility will have a gross floor area of ​​around 24. 000 square meters.

Gerald Yong, CEO of CapitaLand International, said the logistics sector in Japan offers « significant opportunities » for CapitaLand.

« The global pandemic has accelerated the growth of e-commerce and the logistics sector has been a major beneficiary of this trend, » said Yong. « We aim to scale significantly over time by leveraging Mitsui & Co Real Estate’s local knowledge and access to business opportunities to expand our logistics portfolio in Japan. « 

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CapitaLand, Logistics, Japan