CapitaLand Investment acquires three properties in Singapore and Thailand
CapitaLand Investment (CLI) has acquired 2 commercial real estates in Singapore and an estate greenfield site in Bangkok, Thailand.
Looking forward, these most recent acquisitions are readied to sustain the next phase of progress for every of these CLI-managed funds, says CLI Southeast Asia Investment CEO Patricia Goh.
The sales adhere to CapitaLand Wellness Fund’s finalization of the shared procurement of a freehold lodging property in Singapore past month. Upon the finish of the project of OMEGA 1 Bang Na, the total financial investment value of these 4 purchases will be around $700 million, taking CLI’s funds under supervision in the area to $1.2 billion.
Hillock Green showflat location
Set to be Thailand’s largest standalone warehouse, the current ramp-up campus will be run by Ally Logistic Property when finalized. Development is arranged to start in 1H2024, with step one presumed to be finished in 2026.
At the same time, OMEGA 1 Bang Na is CLI’s first logistics commercial property in Thailand. As a built-to-suit project, CSLF will likely create a state-of-the-art automated logistics campus with a gross flooring space of 2.47 million sq ft, with the ability of accommodating over 150,000 pallet placements in an automated storage and access system.
“By combining our skill sets of value development with best-in-class running capacities and making use of the sector-specific market knowledge of our funding affiliates and managers, these account are held to add positively to our fee-related revenues and create maintainable gains to our investors,” she adds in.
The industrial properties are attained by Extra Space Asia (ESA), the Asia-focused self-storage platform handled by CLI, whereas the 20-hectare estate greenfield location OMEGA 1 Bang Na in Bangkok is acquired by CapitaLand SEA Logistics Fund (CSLF).
ESA is readied to broaden its profile in Singapore with roughly 320,000 sq ft in gross flooring area by the end of 1Q2024. Upon conclusion of the purchases, ESA plans to turn both assets right into self-storage facilities in phases, providing air-conditioned units and establishments for a drink storage.
