By Chun Han Wong and P.R. Venkat 

SINGAPORE--CapitaLand Ltd., Southeast Asia's largest property developer by market value, said Monday it plans to privatize and delist its shopping-mall unit in a deal that would cost 3.06 billion Singapore dollars (US$2.44 billion).

The Singaporean real estate group, which owns 65.3% of CapitaMalls Asia Ltd., plans to offer S$2.22 a share to acquire all the shares it doesn't already own in the shopping-mall developer, it said in a regulatory disclosure to the Singapore Exchange.

"The intention of the offer is to delist [CapitaMalls Asia] and fully integrate it into the CapitaLand Group," it said.

Trading in the unit's shares were halted before the market's open Monday. The offer price represents a 22.9% premium to the stock's last traded price of S$1.805 on Friday.

Credit Suisse and Morgan Stanley are advising CapitaLand on the offer, which the group plans to pay for with internal cash resources and borrowings.

CapitaMalls Asia was listed on the Singapore Exchange in November 2009 after a S$2.8 billion initial public offering. It has interests in and manages 105 shopping malls in 53 cities across Singapore, China, Malaysia, Japan and India.

CapitaLand's move to delist its mall unit comes more than a year after the group started a restructuring process to sharpen its focus on the China and Singapore markets.

In January 2013, when the restructuring was announced, the real estate group said it would organize itself into four main business units, by consolidating certain operations into CapitaLand Singapore and CapitaLand China, while preserving CapitaMalls Asia and serviced-apartment arm The Ascott Ltd.

As of December, China accounted for 45% of the group's total assets of S$32.9 billion, while Singapore's share stood at 38%. CapitaMalls Asia, the only business unit that is listed, accounted for 34% of CapitaLand's total assets as of December.

CapitaLand last month sold its entire 39.1% stake in Australand Property Group for about 849 million Australian dollars ($797 million), after reducing its stake in the Australian firm from 59.1% in November.

The developer said it would redeploy the sale proceeds into China and Singapore. It had been looking to sell Australand for more than a year.

CapitaLand, which is 40.8% owned by Singapore state-investment firm Temasek Holdings, has a real estate portfolio mainly spanning Asia and Europe that includes homes, offices, shopping malls and serviced residences.

Apart from CapitaMalls Asia, the group's listed entities are real-estate investment trusts: Ascott Residence Trust, CapitaCommercial Trust, CapitaMall Trust, CapitaMalls Malaysia Trust and CapitaRetail China Trust.

Last month, United Industrial Corp. launched a US$600 million buyout offer for its 80.36%-owned property unit Singapore Land Ltd.

Write to Chun Han Wong at chunhan.wong@wsj.com and P.R. Venkat at venkat.pr@wsj.com

Access Investor Kit for Australand Property Group

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=AU000000ALZ7

Access Investor Kit for Credit Suisse Group AG

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=CH0012138530

Access Investor Kit for CapitaMalls Malaysia Trust

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=MYL5180TO003

Access Investor Kit for Singapore Exchange Ltd.

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=SG1J26887955

Access Investor Kit for CapitaLand Ltd.

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=SG1J27887962

Access Investor Kit for United Industrial Corp. Ltd. (Singapore)

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=SG1K37001643

Access Investor Kit for CapitaMall Trust

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=SG1M51904654

Access Investor Kit for CapitaCommercial Trust

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=SG1P32918333

Access Investor Kit for Singapore Land Ltd.

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=SG1S69002321

Access Investor Kit for Ascott Residence Trust

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=SG1T08929278

Access Investor Kit for CapitaRetail China Trust

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=SG1U25933169

Access Investor Kit for CapitaMalls Asia Ltd.

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=SG1Z05950543

Access Investor Kit for CapitaLand Ltd.

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=US1405471004

Access Investor Kit for Credit Suisse Group AG

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=US2254011081

Access Investor Kit for Morgan Stanley

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=US6174464486

Access Investor Kit for Singapore Land Ltd.

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=US8292932089

Morgan Stanley (NYSE:MS)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Morgan Stanley Charts.
Morgan Stanley (NYSE:MS)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Morgan Stanley Charts.