CMT to Buy Remaining 70% Stake in Westgate

in Company news

CapitaLand will sell its remaining 70% stake in Westgate, in Jurong Singapore, for S$789.6 million to CapitLand Mall Trust (CMT).

CapitaLand will net a gain of $99.2 million from the sale. The transaction, which is conditional on CMT unitholder approval, is expected to be completed in the fourth quarter.

CMT holds the balance 30 per cent so the deal will increase its interest in Westgate to 100 per cent.