CapitaLand has sold a shopping centre in Singapore for S$296m (€196.4m), bringing the total proceeds of asset recycling to S$5.7bn in the past 12 months.
The Star Vista shopping centre has been sold to Rock Productions, owner of The Star Performing Arts Centre, which co-locates its performing centre with the shopping mall.
The Star Vista, located next to a subway station registered occupancy of 95% as at 30 June 2019. It is part of a 15-storey integrated development, which also includes a 5,000-seat auditorium.
Jason Leow, president, Singapore and international, CapitaLand Group, said: “The divestment of The Star Vista is in line with CapitaLand’s active and disciplined asset recycling strategy.”
Leow said the group had exceeded its annual target divestment of S$3bn in the year-to-date.
“The proceeds from these divestments will enhance CapitaLand’s financial flexibility to seize new growth opportunities,” he said.
Upon completion of this transaction, CapitaLand will own 19 malls, including one under development, in Singapore.