CapitaLand Mall Trust, Singapore's leading shopping mall owner, will buy Bedok Mall in a deal that values the mall at S$780 million.
The proposed acquisition completes CapitaLand Mall Trust’s portfolio of mainly suburban malls, such as Tampines Mall, Junction 8 and IMM Building, its CEO says.
The 222,500 square foot Bedok Mall, which opened in December 2013, is part of an integrated retail-residential-transport development at Bedok Town Centre that includes the 583-unit condominium Bedok Residences developed by CapitaLand.
The mall’s Basement 2 is directly linked to the Bedok metro station, while the new air-conditioned Bedok bus interchange is integrated with the mall on Level 2. Bedok Mall's main tenants include UNIQLO, Fairprice Finest and Best Denki.
"The proposed acquisition of Bedok Mall complements CapitaLand Mall Trust's current portfolio of mainly suburban malls catering to the necessity shopping segment," Mr Wilson Tan, CEO of CapitaLand Mall Trust Management, said in a statement.
"It will increase CapitaLand Mall Trust’s asset size from S$10.2 billion as at 31 March 2015 to about S$11 billion," he added.
CapitaLand Mall Trust's properties include Junction 8, Tampines Mall, Funan DigitaLife Mall, IMM Building, Bugis Junction, Plaza Singapura, Sembawang Shopping Centre, JCube, Clarke Quay and Raffles City Singapore, in which it has a 40 per cent interest.
CapitaLand Mall Trust Management is an indirect wholly-owned subsidiary of CapitaLand.