CapitaLand on Wednesday said it has entered into a share purchase deed for the sale of its indirect wholly-owned subsidiary Hua Lei Holdings Pte Ltd which indirectly owns all of the office property Capital Tower Beijing for US$352 million.
Capital Tower Beijing, located in the central business district of Beijing, comprises two 35-storey office towers. The building is currently home to several multinational companiesThe sale purchase comprises the consolidated net asset value of CapitaLand's indirect wholly-owned subsidiaries which own the property, taking into account the assignment of shareholder's loan of about US$166 million and valuing Capital Tower Beijing at US$488 million.
CapitaLand will obtain a net cash flow of about $498 million (US$348 million) and is expected to recognise a gain of $163 million.
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