January 14, 2019 / 12:27 AM / in a month

CapitaLand to buy real estate units from Temasek for $4.4 bln

SINGAPORE, Jan 14 (Reuters) - CapitaLand Ltd said it entered into a deal with Singapore state investor Temasek to buy two wholly owned units from a subsidiary for a consideration of about S$6 billion ($4.4 billion) in a cash and stock deal.

The target companies are the holding companies of the business of the Ascendas-Singbridge Group, which manages Ascendas Real Estate Investment Trust, Ascendas India Trust and Ascendas Hospitality Trust.

Under the agreement, Temasek will effectively receive S$6.0 billion, which will be satisfied half in cash and half in new CapitaLand shares, which will be priced at S$3.50 a piece.

$1 = 1.3533 Singapore dollars Reporting by Aradhana Aravindan; Editing by Richard Pullin

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