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CapitaLand JV settles S$400M deal with PGIM affiliate for Singapore mall buy

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CapitaLand JV settles S$400M deal with PGIM affiliate for Singapore mall buy

CapitaLand Ltd. and City Developments Ltd. completed their agreement with a PGIM Real Estate-affiliated entity for the S$400 million acquisition of the Liang Court mall in Singapore, The (Singapore) Business Times reported June 1.

The settlement of the transaction for the retail property was confirmed by the buying pair, the publication noted.

The shopping center forms part of the Liang Court integrated development in the city-state along with Ascott Residence Trust's Somerset Liang Court Singapore and CDL Hospitality Trusts' Novotel Singapore Clarke Quay. The mixed-use complex occupies a leasehold site with a term of about 97 years and has a 7.6 plot ratio under the Urban Redevelopment Authority's Master Plan 2014.

As of May 31, US$1 was equivalent to S$1.38.