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CapitaLand sells land parcel in Ahmedabad, India

angela.teo@bizedge.com
Updated

Singapore property giant CapitaLand has on March 13 sold 100% interest in a company that owns a land parcel in Ahmedabad, India. The consideration was INR528.5 million (about $10.8 million).

The land plot has no development activities, says CapitaLand. Both parties arrived at the consideration based on the adjusted net asset value of the company holding the land, which as at March 7, matched the consideration.

Separately, CapitaLand announced it has invested an additional INR18.9 million in Rattha Somerset Greenways (Chennai), such that it continues to hold a 51% stake in the unit.

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