Notes to the Financial Statements For the financial year ended 31 December 2024 29 ACQUISITION/DISPOSAL OF SUBSIDIARIES, NET OF CASH ACQUIRED/DISPOSED OF (a) Acquisition of subsidiaries The list of significant subsidiaries acquired during the year is as follows: 2024 Name of subsidiary Date acquired Equity interest acquired Victory SR Trust December 2024 100% 2023 Name of subsidiary Date acquired Equity interest acquired Quest Apartment Hotels (NZ) Limited August 2023 100% The acquisition of subsidiaries during the year were accounted for as acquisition of assets. The acquisition of Quest Apartment Hotels (NZ) Limited in 2023 was accounted for as a business combination (note 30). (b) Effects of acquisitions The cash flows and net assets of subsidiaries acquired are provided below: Note 2024 2023 The Group $’M $’M Intangible assets 4 – 18 Investment properties 5 264 – Trade and other receivables 1 1 Cash and cash equivalents 6 1 Trade and other payables (5) (1) Borrowings 16(e) (113) – Deferred tax liabilities 9 (3) (5) Net assets acquired 150 14 Goodwill arising from acquisition 4 – 15 Purchase consideration 150 29 Deferred purchase consideration paid in relation to prior year’s acquisition of subsidiaries – 19 Cash of subsidiaries acquired (6) (1) Cash outflow on acquisition of subsidiaries 144 47 Acquisition-related costs Acquisition-related costs of $4 million relating to acquisition fees, legal costs, due diligence and tax advisory service fees were included in cost of investment properties acquired (2023: $1 million relating to stamp duties and legal, due diligence and tax advisory service fees were included in the administrative expenses). 160 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 29 ACQUISITION/DISPOSAL OF SUBSIDIARIES, NET OF CASH ACQUIRED/DISPOSED OF (continued) (c) Disposal of subsidiaries The list of significant subsidiaries disposed during the year is as follows: 2024 Name of subsidiary Date disposed Equity interest disposed Beijing Shi Ba Shi Yi Management & Consulting Co., Ltd. January 2024 95% ACRJ2 Pte Ltd. # March 2024 100% CapitaLand Retail Singapore Investments Pte Ltd October 2024 100% Ascendas Science & Technology Park Development (SIP) Co., Ltd. # November 2024 100% CLACP I LP # November 2024 55.35% Radial (Phase II) IT Park Private Limited December 2024 100% Radial (Phase III) IT Park Private Limited December 2024 100% CapitaLand Ascott Trust # December 2024 4.88% # Following the sale of partial stakes in these entities, the Group ceased to consolidate these entities as subsidiaries in accordance with SFRS(I) 10 Consolidated Financial Statements, and now accounts for them as equity-accounted for investees. The disposed subsidiaries contributed a net profit of $56 million from 1 January 2024 to the respective dates of disposal. 2023 Name of subsidiary Date disposed Equity interest disposed Zircon Alpha Holdings Pte. Ltd. March 2023 80% Ascendas IT Park (Pune) Private Limited May 2023 78.5% AIGP2 Chennai 1 Pte Ltd August 2023 70% The disposed subsidiaries contributed a net profit of $2 million from 1 January 2023 to the respective dates of disposal. 161 Annual Report 2024
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