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Monday, 18 January 2010

CapitaLand buys Orient Overseas Developments Ltd for US$2.2 bil

CapitaLand growing presence in China

CapitaLand Limited said on Monday it has inked a deal with Hongkong-listed Orient Overseas (International) Limited (OOIL) to buy the latter's 100 per cent stake in Orient Overseas Developments Limited (OODL).

Under this arrangement, CapitaLand will acquire a real estate business with a portfolio of seven sites located in Shanghai, Kunshan and Tianjin for a purchase consideration of US$2.2 billion (approximately S$3.1 billion).

The move will double CapitaLand's China property portfolio from 1.4 million sq metres to 2.8 million sq m.

Will CPL breakout from this news?

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