Further to its press release dated 1 November, Rodamco Asia N.V. today announced that it has completed the sale of its 30% interest in the shares of Capital Square Pte Ltd, the company that owns Capital Square, a prime office building in Singapore, to Queensley Holdings Limited, which has also purchased the remaining 70% of the shares owned by Keppel Land Properties Pte Ltd.
The net proceeds of the sale of the 30% equity stake that Rodamco Asia owns is around EUR 20 million.
Ton de Boer, Chief Executive Officer of Rodamco Asia said, 'In view of our strategic objectives, we are very pleased to have taken the opportunity to further reduce the minority holdings in our portfolio and to exit the Singapore office market at this point in time. The sector has been under pressure for some time now, and we believe it will continue to face more uncertainty as plans to build a second central business district get underway. As a diversified and opportunistic fund, we believe that under prevailing market conditions, being flexible in divestments while focusing on North Asia for new acquisitions is the best way to maximise total returns for our shareholders.'
(source: Rodamco Asia)