SINGAPORE, Sept 4 (Reuters) - Singapore state investor Temasek Holdings and state firm JTC Corp are in talks to merge four of their real estate subsidiaries, aimed at creating a larger group that could expand in Asian cities.
Under the proposed merger, Ascendas Pte Ltd and JIH from JTC will combine with Surbana and Singbridge from Temasek, the two companies said in a statement.
“The enlarged group, with its complementary synergies and significant scale, will be well-positioned to provide end-to-end solutions for urbanisation needs in Asia and other markets,” the statement said.
The two companies did not state the potential size of the deal, but added that Ascendas, a provider of business space solutions, has S$15.1 billion ($12.06 billion) of assets under management. (1 US dollar = 1.2516 Singapore dollars) (Reporting by Saeed Azhar; Editing by Michael Urquhart)