Capitaland: Announced the divestment of a 144,657 sqm residential site in Shanghai’s Qingpu District, for a cash consideration of Rmb807.7m (S$152.6m) to a n undisclosed party (unrelated to CapitaLand) for the divestment of its entire 100% interest in BR Properties, which holds the site. Divestment is part of grp’s ongoing strategy of capital productivity and will be deployed for growth opportunities….
Completion of the divestment which is subject to the fulfillment of certain conditions set out in the agreement, is expected to take place in 2Q11. Financial effects of divestment on grp using 31Mar11 statements, would see grp’s EPS increase from 2.4c to 4.3c and financial impact on CapitaLand’s NTA would not be material. Majority or street have a Buy rating on stock with a mean $4.18 TP.
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