Investor Presentaiton
Divestment of Partial Stakes in Six Raffles City Developments in China: Transaction Overview
Transaction Overview
Raffles City Beijing
55.0% 30.0%1
Digital platform of 13-
million member4
base fortifies
network
CapitaLand's retail
Beijing
Tianjin
Raffles City Chengdu
55.0% 30.0%¹
k
凯德星
CAPITASTAR
Xi'An
Suzhou
Chengdu
Hangzhou
Wuhan
Chongqing
Raffles City
Hangzhou
55.0% 30.0%
Guangzhou
Shenzhen
CapitaLand
Raffles City assets
Other CapitaLand
retail assets² in China
Raffles City Shanghai
30.7% 12.6%1
Shanghai Raffles City Changning
Ningbo
42.8% 25.0%¹
□ CapitaLand to divest partial stakes in a group of companies that own
six Raffles City (RC) developments in China for RMB46.7bn (~S$9.6bn),
a 6.7% premium to valuation
□ Achieved FRE/FUM5 ratio of approximately 62bps for the portfolio
Successfully onboard long-term Chinese onshore strategic partner -
Ping An Life Insurance Company of China, Ltd. ("Ping An") to acquire:
■
70.0% onshore stake in RC Beijing, RC Chengdu, RC Ningbo, RC
Hangzhou and RC Changning; and
60.0% onshore stake in RC Shanghai;
Coincides with the landmark registration of CapitaLand as a private
equity fund manager in China
CapitaLand China retains 12.6% to 30.0% stake in each development
and will remain as the asset manager for all six RCs, earning FRE
CapitaLand's FY 2021 S$3bn capital recycling target met - More than
S$2bn of net proceeds to be unlocked
Raffles City Ningbo
55.0%
30.0%¹
□ Transaction expected to complete in 3Q 2021
Strong retail network of 43 operating malls²
across five core city clusters³
Notes:
1.
23
2.
Numbers refer to CapitaLand's effective stake in the project pre and post transaction
As of 31 March 2021. Includes Integrated Development
3.
Comprises Shanghai/Hangzhou/Suzhou/Ningbo, Beijing/Tianjin, Guangzhou/Shenzhen,
Chengdu/Chongqing/Xi'an and Wuhan
4567
4.
China CapitaStar membership as of 31 Mar 2021
5.
See glossary
6.
Average across 2008 - 2020
7.
Proceeds and NAV uplift due to the divestment will be captured under CLI, should the proposed
restructuring announced on 22 Mar 2021, be approved by CapitaLand's shareholders and
completed
3View entire presentation