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CapitaLand units to sell stakes in 6 Indian retail malls for 3.43B rupees

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CapitaLand units to sell stakes in 6 Indian retail malls for 3.43B rupees

Certain CapitaLand Ltd. units and associates agreed to sell their respective equity interests in six special-purpose vehicles and their 50% equity interest in CapitaLand Retail Prestige Mall Management Pvt. Ltd. for a total cash consideration of about 3.43 billion Indian rupees.

The buyer of the special-purpose vehicle stakes will be Prestige Retail Ventures Ltd., while Prestige Estates Projects Ltd. will claim the 50% equity interest in CapitaLand Retail Prestige Mall.

The special-purpose vehicles hold six retail malls across India, including The Forum Neighbourhood Mall and Oakwood Residences in Bengaluru, The Forum Fiza Mall in Mangalore, The Forum Sujana Mall in Hyderabad, Forum Centre City in Mysore, The Celebration Mall in Udaipur and Forum Cochin Mall.

CapitaLand Retail Prestige Mall is the property manager of the Bangalore, Mangalore and Hyderabad assets.

CapitaLand said it expects the sales to be completed in the first quarter of 2018, noting that its effective share of the total consideration is roughly 1.57 billion rupees.

As of Dec. 28, US$1 was equivalent to 64.06 Indian rupees.