AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

CAPITALAND LIMITED M&A Activity 2016

Dec 16, 2016

89048_rns_2016-12-15_deda3171-f719-4e36-b545-80b18c5b9939.pdf

M&A Activity

Open in viewer

Opens in your device viewer

CAPITALAND LIMITED

Registration Number: 198900036N

(Incorporated in the Republic of Singapore)

ANNOUNCEMENT

ACQUISITION OF 100% STAKE IN SABDEN LIMITED

CapitaLand Limited (“ CapitaLand ”) wishes to announce that its wholly owned subsidiary, Ascott Operations Eight Limited, has acquired the entire issued share capital (comprising 615,589 A ordinary shares, 61,727 B ordinary shares, 6,672 C ordinary shares of EUR1 each) (the “ Acquisition ”) of Sabden Limited (“ Sabden ”) for a cash consideration of EUR31.3 million (approximately SGD47.5 million) (the “ Consideration ”) from parties unrelated to CapitaLand.

Sabden, a company incorporated in Ireland, owns a hotel which is located at 13-17 Fleet Street, Dublin 2, Ireland (the “ Property ”). The Property is the sole major asset of Sabden.

The Acquisition is part of CapitaLand’s ongoing business development and is in line with CapitaLand’s strategy to further strengthen its presence in Europe.

The Consideration was arrived at on a willing-buyer willing-seller basis and is based on the net asset value of Sabden of approximately EUR31.3 million (approximately SGD47.5 million), taking into account the agreed value of the Property of approximately EUR55.1 million (approximately SGD83.6 million) adjusted for, amongst others, bank and shareholder loans owing by Sabden amounting to EUR25.6 million (approximately SGD38.9 million).

The Acquisition has been completed. The Consideration was paid on completion and is subject to adjustments post completion based on the net current asset value in the final completion accounts. The adjustments are not expected to have any material impact on the Consideration.