CAPITALAND on Monday said that it and other shareholders have, through a series of transactions, divested an aggregate 40 per cent equity stake in Guangzhou Kai Ke Xing Mao Real Estate Development to an unrelated purchaser for RMB395.7 million .GKK owns a mixed-use site located in Huangpu district in China's Guangzhou province; plans had been drawn to develop an integrated development comprising offices, retail, apartments, serviced residences and low-density strata-office components.
Through the transaction, CapitaLand has unlocked capital for reinvestment and GKK has secured an additional capital partner for its project, the announcement said. The adjusted net asset value of GKK is RMB989.1 million; the consideration was arrived at by taking into account 40 per cent of the adjusted NAV.