Singapore: CapitaLand acquires Galleria Mall, Soilbuild raising funds for Bukit Batok deal

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CapitaLand has acquired Galleria Mall and Soilbuild Business Space REIT is raising $40 million for Bukit Batok Connection deal.

Capitaland acquires Galleria Mall

Capitaland Retail China Trust (CRCT) is acquiring Galleria Mall, located in the major shopping belt of the Gaoxin District, Chengdu, for 1.53 billion yuan ($229 million).

This transactions makes it the eleventh mall in their portfolio. CRCT view this potential acquisition as a source of diversification, which will in turn boost their portfolio.

The six-storey mall, one of the most popular in Chengdu, opened its doors in 2010, has a gross floor area of 53,619 square metres. The 167 tenants leasing area include H&M, Nike, and Swarovski.

When the transaction is completed, the acquisition will enlarge CRCT’s portfolio size by about 14 per cent to 12.55 billion yuan ($1.8 billion).

Soilbuild Reit acquires Bukit Batok Connection

Soilbuild Business Space Reit is raising up to S$59.4 million ($40.4 million) via a preferential offering to partly fund the acquisition of Bukit Batok Connection.

The Reit is issuing up to 94.35 million new units at S$0.63 ($0.47) per unit through a pro-rata non-renounceable preferential offering to its existing unitholders.

Soilbuild Group executive Chairman Lim Chap Huat has committed to take up his pro-rata entitlement and to apply for excess units if unsubscribed, increasing his stake in the Reit to 29.3 per cent, from 25.16 per cent.

The net proceeds will be used to partially finance the proposed acquisition of Bukit Batok Connection, for which the acquisition cost amounts to S$96.3 million ($71.2 million). The nine-storey property, covering a gross floor area of 403,591 sq ft, offers a range of unit sizes from 2,000 sq ft to 8,000 sq ft.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.