CapitaLand acquires 50% interest in Innov Tower

The deal for the Shanghai offcie was worth $56m translating to RMB$24,130 psm.

According DMG, CapitaLand exercised its ROFR to acquire from Citic Trust.

Here’s more from DMG:

This is a small step for CapitaLand’s inroads into China, in line with their China focus. With a strong balance sheet backed by S$6bn cash and net gearing c.23%, we expect strong momentum in terms of CapitaLand’s capital deployment which provides fundamental support to the share price.

We continue to like CapitaLand with its asset recycling business model as an integrated developer with its multi-geographical, multi-segment exposure with two additional channels of growth in Ascott and CMA. We have a BUY on CapitaLand, TPS$3.52 based on 20% discount to RNAV.

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