, China
216 views
/Alexas Fotos from Pixabay

CapitaLand sells 95% stake in Capital Square Beijing to AIA in S$447m deal

The property is located in the Central Business District (CBD) in Chaoyang District.

AIA Life Insurance (AIA) and CapitaLand Investment Limited (CLI) established a S$447m joint venture to recapitalise Capital Square Beijing, a Grade A office building in Beijing, China. 

Under the partnership, CLI will divest a 95% stake in Capital Square Beijing to AIA while retaining a 5% stake, according to a CapitaLand press statement.

CLI will provide asset management services for the joint venture, contributing to recurring fee income. 

ALSO READ: Tokio Marine sells stake in Arabian insurance

The property, located in the Central Business District (CBD) in Chaoyang District, was acquired in October 2022, and CLI implemented an asset enhancement initiative to upgrade facilities and improve operational efficiencies. 

Despite challenges, CLI successfully brought in AIA as a joint venture partner, emphasizing the trust capital partners have in CLI's on-the-ground expertise. 

This collaboration follows AIA's investment in one of CLI's RMB funds in 2022. 

CLI continues to focus on being asset-light and capital-efficient while expanding its fund management business. In the past year, CLI has recycled over S$559m in capital in China, divesting stakes in various assets.

 

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!