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SINGAPORE: CapitaLand is paying S$41 million for a 13 percent stake in BLife Investment Corporation, a Japanese real estate investment trust.
This will make Singapore's largest developer the largest stakeholder in the trust, which is listed on the Tokyo Stock Exchange.
CapitaLand will also acquire a 33.4 percent stake in BLife's manager, Morimoto Asset Management, for S$2.5 million to become the second largest shareholder.
The two transactions will create a new REIT platform for CapitaLand in Japan.
Liew Mun Leong, President and CEO of CapitaLand Group, said: "CapitaLand's stake in BLife is a significant milestone for the Group as it is not only our first entry into a listed REIT in Japan but also our third investment in a regional REIT.
"The other two REITs are the Hong Kong Link REIT - for which we were a strategic partner and an investor in its IPO - and Quill Capita Trust, which was listed on Bursa Malaysia last month. These initiatives will further boost our aim to grow the REIT business in the Asia-Pacific region." - CNA/ir
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