CapitaLand buys 40% Surbana stake for $360m

Southeast Asia’s largest property developer CapitaLand said it has acquired a 40% stake in Surbana Corporation, a private limited company wholly-owned by Singapore state investor Temasek Holdings, for a cash consideration of $360 million.

Capitaland, about 40% owned by Temasek, said it appointed JPMorgan as the financial advisor to the acquisition of Surbana, a real estate consultant firm and developer with four township developments in Chinese cities.