Dec. 31, 2010 (China Knowledge) - Singapore-listed CapitaLand Ltd, one of Asia's largest real estate companies, yesterday announced that its wholly-owned subsidiary CapitaLand China will sell a 73% stake in Senning Property for S$759 million to form a new joint venture with other three partners, sources reported.
In the statement filed with the Singapore Exchange, CapitaLand said the three strategic partners include CapitaMalls Asia Ltd, an institutional investor and a pension fund.
The new JV will develop a comprehensive property complex in Shanghai, said the statement.
Upon the completion of the deal, the institutional investor and the pension fund will jointly hold a 55% stake in the JV, CapitaMalls Asia will own a 18% stake, while CapitaLand China will take the remaining 27% of the JV.
CapitaLand did not indicate identities of the institutional investors and the pension fund in the statement.