CapitaLand marks 10th year in India with mall openings

CapitaLand India plans to divest six retail malls and its half-share in CapitaLand Retail Prestige Mall Management, which manages some of the properties.

Singapore-headquartered CapitaLand has entered into definitive agreements to divest:

* Its respective equity interests in six special-purpose vehicles (SPVs), which each hold a retail mall asset in the Indian cities of Bangalore, Mangalore, Hyderabad, Mysore, Cochin and Udaipur to Prestige Retail Ventures; and

* Its 50 per cent equity interest in CapitaLand Retail Prestige Mall Management (CRPMM), which manages the properties in Bangalore, Mangalore and Hyderabad, to Prestige Estates Projects for an aggregate consideration of INR3.4 billion (about S$71.5 million or US$53 million), to be fully satisfied in cash and negotiated on a willing-buyer/willing-seller basis.

When the transaction is completed, probably this quarter, the SPVs and CRPMM will no longer be subsidiaries or associates of CapitaLand.

The SPVs and properties involved are:

• Prestige Garden Constructions – The Forum Neighbourhood Mall and Oakwood Residences, Bangalore.
• Prestige Mangalore Retail Ventures – The Forum Fiza Mall (pictured), Mangalore.
• Babji Realtors – The Forum Sujana Mall, Hyderabad.
• Prestige Mysore Retail Ventures – Forum Centre City (FKA Mall), Mysore.
• Thomsun Realtors – Forum Cochin Mall, Cochin.
• Flicker Projects – The Celebration Mall Udaipur, Udaipur.