Capitaland

Capitaland: Co has acquired 100% of SNC Costes K (SCK) for Eur64.3m (S$117.1m). SCK holds 3 assets in Paris, a hotel and 2 adjacent properties, a residential building and an apartment unit. The hotel and residential building will be developed into a 106 unit serviced apt under Ascott and the apartment unit will be used for corp leases. This acquisition is to be completed by 2Q2011. Capitaland now trades at approx 1.0x P/B below its hist avg of 1.5x