CapitaLand divests property development subsidiary for $411.6m

It developed The Nassim, a luxury condo.

CapitaLand revealed that it has fully divested its stake in Nassim Hill Realty, its wholly-owned subsidiary which developed the freehold luxury condominium The Nassim.

The aggregate consideration for the sale is $411.6m, subject to post-completion adjustment.

The deal was arrived at on a willing-buyer willing-seller basis and comprises the estimated net tangible assets value of $138.7m.

It also takes into account the agreed property value of the 45 units in The Nassim of $407.2m and an assignment of a shareholder’s loan of $272.9m. The consideration was satisfied entirely in cash.

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