NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 31 OPERATING SEGMENTS (continued) Geographical information Group 2023 2022 $’000 $’000 Gross Revenue Singapore 1,447,584 1,350,420 Australia 56,592 37,168 Germany 55,758 54,159 1,559,934 1,441,747 Non-current assets1 Singapore 22,783,693 22,346,559 Australia 904,743 997,563 Germany 691,046 768,151 24,379,482 24,112,273 1 Non-current assets exclude financial instruments (other than equity-accounted investees) and deferred tax asset. 32 ACQUISITION OF SUBSIDIARIES AND INTEREST IN A JOINT OPERATION The Group acquires subsidiaries that own real estate. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts for an acquisition as a business combination where an integrated set of activities is acquired in addition to the property. (a) Acquisition of subsidiaries Name of subsidiaries Date acquired Effective interest acquired Gateway Goulburn Trust 24 March 2022 100.0% Gateway Arthur Trust 24 March 2022 100.0% 79RR LLP 27 April 2022 70.0% The acquisitions had been accounted for as acquisitions of assets as no integrated activities were acquired. 270 CAPITALAND INTEGRATED COMMERCIAL TRUST
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