Why CMA snubbed potential spin off of its Japan assets

It has 8 malls in Japan.

According to OSK, CapitMalls Asia (CMA) is not looking to spin off its assets in Japan at the moment.

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Japan’s economy has been on a steady recovery since the March 2011 earthquake. Japan’s retail sales hit JPY138t in 2012 as compared to JPY135t in 2011. On the GDP front, assuming current growth levels, Japan will remain the world’s third largest economy in 2018.

CMA has eight malls in Japan with its latest acquisition being Olinas Mall in Tokyo which CMA acquired for JPY28.8b.

One of the key attractions of the Japanese market lies in the fact that its malls offer immediate yield generation, while for developments in China more time is required before returns can be seen, said CMA chief executive Lim Beng Chee. Also, operating in Japanese market opens up access to Japanese brands.