Singapore developer CapitaLand Ltd. agreed to buy two property units from state investor Temasek Holdings Pte. for S$6 billion ($4.4 billion) in a deal it said will create Asia\u2019s largest diversified real estate company. CapitaLand will pay a mix of cash and new stock for the assets, it said in a statement on Monday. The deal will bolster its assets to more than S$116 billion, spread across 180 cities in 32 countries, CapitaLand added. The transaction vaults the company over a 2020 target for assets under management as it moves into logistics, business parks and data centers. The deal also takes the developer deeper into new markets such as the U.S. and Europe, as well as expanding its reach in Singapore. \u201cThe deal looks positive for CapitaLand to drive its long-term earnings growth,\u201d said Patrick Wong, an analyst at Bloomberg Intelligence, citing a 40 percent boost to assets in Singapore. READ ALSO |\u00a0Giant falls: PG&E CEO Departs as utility giant at brink of bankruptcy The company\u2019s 2020 target for assets under management had been S$100 billion. The deal will need approval from independent shareholders. The transaction \u201cadds a portfolio of operating assets that contribute income today, while adding a sizeable pipeline of development projects,\u201d CapitaLand\u2019s Chief Executive Officer Lee Chee Koon said in the statement. \u201cGeographically, the deal strengthens CapitaLand\u2019s presence in our core markets of Singapore and China, while adding meaningful scale in India, U.S. and Europe.\u201d The units that CapitaLand is buying are Ascendas Pte. and Singbridge Pte. The developer will pay half of the S$6 billion in cash and the remainder in new shares, which will be priced at S$3.50 apiece, the company said. That will increase Temasek\u2019s stake in CapitaLand to about 51 percent from some 40.8 percent, it said.