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UPDATE 1 – Shares of major Singapore developers halted ahead of announcement




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SINGAPORE, March 22 (Reuters) – Trading in shares of Singapore’s largest real estate developer CapitaLand Ltd was halted on Monday morning before an announcement was released, according to a stock exchange file.

Trading in units of its Singapore-listed real estate investment trusts (REITs), Ascott Residence Trust, CapitaLand Integrated Commercial Trust, Ascendas, CapitaLand China Trust and Ascendas India Trust has also been halted.

CapitaLand, which is just over 51% owned by Singaporean state investor Temasek Holdings Pte Ltd, has a market value of S $ 17.4 billion ($ 13 billion). The discontinued CapitaLand units have a total market value of S $ 33.6 billion.

CapitaLand has sought to integrate its REITs to boost its scale. The current environment might be a good time to bring all of these together, said a source familiar with REIT M&A.

CapitaLand, which recorded its first annual loss in nearly two decades in 2020, and other developers have faced a difficult operating environment due to the pandemic.

Singapore’s REIT sector has seen a series of consolidation transactions over the past two years.

In 2019, CapitaLand closed a S $ 11 billion cash and stock transaction to acquire Temaseks shares in Ascendas-Singbridge, which has logistics and industrial assets, in a transaction that created the largest Asia’s real estate investment manager.

$ 1 = S $ 1.3432 Reporting by Aradhana Aravindan and Anshuman Daga; Edited by Richard Pullin

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