CapitaMall sells Hougang Plaza for S$119m

CapitaMall Trust is selling Hougang Plaza for S$119.1 million to a unit of property developer Oxley Holdings.

CapitaMall Trust said yesterday it would raise about S$117.8 million in net proceeds from the sale of the shopping mall to Oxley Bloom and planned to use the cash for potential acquisitions and debt repayment.

The trust will book gains of about S$83.8 million from the sale of Hougang Plaza, which was valued at S$34 million as of Dec 31. The deal is expected to be completed in the middle of next month.



Source : Dow Jones 4 May 2012