CapitaLand Mall Asia signs to buy Tokyo mall
Singapore real-estate company CapitaLand, through its subsidiary CapitaLand Mall Asia, has agreed to acquire a portfolio of retail and office properties in Tokyo.
The ¥49.7 billion (S$620.1 million/US$438.3 million) acquisition will increase the group’s total asset size in Japan to about S$2.5 billion (US$1.7 billion).
As well as three office buildings, the deal includes the Seiyu & Sundrug shopping mall in Saitama.
“This acquisition will deepen the group’s presence in Greater Tokyo through assets with stable yields and recurring cash flow,” says CapitaLand Mall Asia CEO Jason Leow, who is also co-ordinating CEO for Asia of CapitaLand. “It will contribute a net operating income of about S$25 million a year, providing CapitaLand with a stable source of income as we continue to expand our business.”