CapitaLand

CapitaLand: Group is possibly divesting its 59.3% stake in Australand Property Grp after several parties expressed interest in either the whole or parts of the unit. Group has appointed JP Morgan as financial adviser on Australand review. After CapitaLand re-aligned its strategy, analysts note that Australand is now a non-core segment and could be divested. In Dec'12, Australand rejected an unsolicited offer from GPT Group to buy some of its assets, including its US$2.4b investment property portfolio. That offer was at a A$140m or S$178m premium to its book value as at Jun 2012, and Australand felt it was not a compelling proposition.