(Reuters) -Singapore’s CapitaLand Investment said on Wednesday it will form a S$447 million ($333.78 million) joint venture with AIA Life Insurance to recapitalise its Capital Square Beijing office building in China.
Under the joint venture partnership, CapitaLand will divest its 95% stake in the building in Beijing to AIA Life Insurance, the company said.
CapitaLand will provide asset management services for the joint venture, the company said, which will contribute to its recurring fee income.
“We remain focused on being asset light and capital efficient while continuing to scale up our fund management business” said Puah Tze Shyang, CEO of CapitaLand Investment, China.
Capital Square Beijing was acquired in October 2022 through a court auction, CapitaLand said.
($1 = 1.3392 Singapore dollars)
(Reporting by John Biju in Bengaluru; Editing by Krishna Chandra Eluri)