CapitaLand has been selected as the strategic partner for Link Management, which is to be the manager of the real estate investment trust to be established pursuant to the Housing Authority's divestment programme for its retail and car-parking facilities.

Apart from providing consultancy and advisory services to Link Management in its role as strategic partner, CapitaLand has pledged US$180 million as a cornerstone investment in the trust.

The authority's Supervisory Group on Divestment Chairman Walter Chan said CapitaLand's experience and know-how within the Asia Pacific region will bring significant benefits to the investment trust, and negotiations with CapitaLand have been finalised.

CapitaLand is one of the largest listed property groups in Singapore and Southeast Asia.