CapitaLand has sold three shopping malls in Japan as part of what it describes as its “ongoing portfolio reconstitution strategy”.
CapitaLand received US$211.8 million from the sale of the malls – La Park Mizue and Vivit Minami-Funabashi in Greater Tokyo, and Co-Op Kobe Nishinomiya Higashi in Greater Osaka – with the price above valuation.
Meanwhile, CapitaLand has entered into a joint venture with Mitsui & Co Real Estate Ltd to develop and operate a logistics project in Greater Tokyo, the Singaporean company’s first foray into Japan’s logistics sector.
“The divestment of these mature malls … is part of CapitaLand’s capital recycling strategy to unlock value by reinvesting the capital into new growth opportunities such as the logistics sector in Japan,” said Jason Leow, president, Singapore & International, at CapitaLand Group.
“By paring down our exposure in Japan’s retail sector and leveraging our logistics experience in markets such as Singapore, Australia and the UK to expand into the new economy sector in Japan, we are responding swiftly to shifting market trends and consumer behaviours, positioning CapitaLand for future growth.”