Capitaland: Announce that its wholly-owned subsidiary Ascott International (AIM) has entered into a joint venture agreement with an affiliate of RMZ Corp to establish a 50:50 joint venture Co, RMZ Infopark (India) to develop a 203-unit serviced residence to be known as “Citadines Galleria Bangalore”….
The land title rights for the serviced residence development must be injected into the JV
Company not later than 41mths from the date of the Agreement. In the event of the failure to inject the land within the Long Stop Date, AIM has the right to require the JV Partner to purchase all of AIM’s shares, or require the JV Company to repurchase all of AIM's shares….
Following the Subscription, the JV Company has become a 50% owned associated company of CapitaLand.. The above transactions are not expected to have any material impact on the NTA or EPS of the CapitaLand Group for FY11.
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