CapitaLand units, associates sell stakes in six malls in India

CapitaLand said its subsidiaries and associates have agreed to sell their respective stakes in six malls in India and in the property manager of these malls for $71.5 million.

The malls, each held under six special purpose vehicles, are being sold to Prestige Retail Ventures.

They are located in Bangalore, Mangalore, Hyderabad, Mysore, Cochin and Udaipur, the group said.

The 50 per cent equity interest in CapitaLand Retail Prestige Mall Management (CRPMM), which manages the properties, will be sold to Prestige Estates Projects.

Based on CapitaLand's effective equity interest in the special purpose vehicles and CRPMM, the Singapore-listed company's effective share of the sale is 1.57 billion rupees (S$32.9 million).

This transaction is expected to be completed in the first quarter and is not expected to have any material impact on the net tangible assets or earnings per share. - THE STRAITS TIMES