CapitaLand Development Divests Its Grade A Office Building Capital Place in Hanoi for S$751 million
Summary
Singapore, Singapore, January 22, 2022 --( PR.com )-- CapitaLand Development (CLD), the development arm of CapitaLand Group, has announced the divestment of Capital Place, its international Grade A office building in Hanoi, Vietnam for S$751 million (US$550 million) to an unrelated-third party. This stellar result will generate carried interest of S$23 million (US$17 million) to CLI and provides a strong track record for CLI’s future private equity funds.Mr Ronald Tay, CEO of CLD (Vietnam) added: “The divestment of Capital Place is part of CVCVF’s exit strategy and in line with CLD’s on-going capital recycling efforts to unlock the strong underlying value of our properties. We continue to seek attractive real estate investment opportunities in offices, residential and urban developments, as well as in new economy assets such as logistics facilities, data centres and business parks,” added Mr Tay.Capital Place was acquired by CVCVF in 2018. The international Grade A development has 100,000 square metres (sqm) of net lettable area across two 37-storey office towers. Capital Place is the first office development in Hanoi to obtain Leadership in Energy and Environmental Design (LEED) Gold certification.