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CapitaLand unit acquires Irish company for €31.3M

CapitaLand Ltd.'s subsidiary acquired an Irish company, which owns a hotel in Dublin, for €31.3 million, subject to adjustments post-completion.

Ascott Operations Eight Ltd. acquired from Sabden Ltd. 615,589 A ordinary shares, 61,727 B ordinary shares and 6,672 C ordinary shares, at a price of €1 apiece. The unit bought the shares from parties unrelated to CapitaLand.

With the share purchase, Sabden will become a wholly owned subsidiary of CapitaLand.

In line with the group's strategy, Sabden's hotel property in Dublin will enable CapitaLand to gain broader exposure to the European real estate market.