Singapore-based real estate developer CapitaLand has acquired 100% of Orient Overseas Developments Limited OODL for $2.2 billion from a company controlled by the family of former Hong Kong chief executive Tung Chee-hwa.
The acquisition will double CapitaLand's China property portfolio to 2.8 million square metres and will also increase the China weighting in its portfolio to 36%, in line with the Singaporean firm's stated strategy.
OODL owns seven sites in Shanghai, Kunshan and Tianjin. The portfolio comprises a total gross floor area of 1.48 million square metres, of which about 87% is in Greater Shanghai, including Kunshan, and the remaining 13% in Tianjin. By property type,...
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