Capitaland

Capitaland: Has entered a conditional JV for 90% stake in 132-unit serviced apt Somerset Central TD Hai Phong City, Vietnam with Thuy Duong Invt holding the remaining 10%. Co will inject US$9.5m (approx $11.4m) into the JV for the stake Co’s serviced residence arm, The Ascott Ltd was awarded the mgmt contract by Thuy Duong for the development earlier in 2009. The acquisition will allow co to take control of the development and enhance the value of the property. Capitaland now trades at fwd P/B of 0.8x vs hist avg of 1.5x