CapitaLand, the major shareholder in Australian property group, Australand, has paid S$41 million for a 13% stake in a Japanese real estate investment trust.
CapitaLand is now the largest shareholder in the Tokyo Stock Exchange listed BLife Investment Corporation.
CapitaLand will take a 33.4% slice in BLife’s manager, Morimoto Asset Management, for S$2.5 million – making it the management group’s second largest shareholder.
The two transactions creates a new REIT platform for CapitaLand in Japan.
Chief executive of CapitaLand Group, Liew Mun Leong said CapitaLand’s stake in BLife is a significant milestone for the Group as it is not only our first entry into a listed REIT in Japan but also our third investment in a regional REIT.
“The other two REITs are the Hong Kong Link REIT – for which we were a strategic partner and an investor in its IPO – and Quill Capita Trust, which was listed on Bursa Malaysia last month. These initiatives will further boost our aim to grow the REIT business in the Asia-Pacific region.”
Australian Property Journal