CapitaLand Investment (CLI) has announced new acquisitions in Singapore and Bangkok, Thailand, which will bring their total funds under management in the region to $1.2 billion.
The first acquisition is through Extra Space Asia (ESA), CLI’s self-storage platform, which has acquired two industrial properties in Singapore. This will bring ESA’s total storage capacity to approximately 320,000 sq ft by the end of 1Q2024. Additionally, CapitaLand SEA Logistics Fund (CSLF) has acquired a 20-hectare freehold greenfield site in Bangkok, Thailand, known as OMEGA 1 Bang Na.
These acquisitions follow on the heels of CapitaLand Wellness Fund’s joint acquisition of a freehold lodging property in Singapore last month, bringing their total investment value to approximately $700 million. Upon completion of the development of OMEGA 1 Bang Na, CLI’s total investments in these four properties will reach $1.2 billion.
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ESA plans to convert the newly acquired industrial properties in Singapore into self-storage facilities, offering air-conditioned units and wine storage. Meanwhile, CSLF will develop a state-of-the-art automated logistics campus at OMEGA 1 Bang Na, which will have a gross floor area of 2.47 million sq ft and capabilities for over 150,000 pallet positions in an automated storage and retrieval system. Ally Logistic Property will operate the modern ramp-up campus, which is set to be Thailand’s largest standalone warehouse. Construction is expected to begin in 1H2024, with phase one completion by 2026.
CLI Southeast Asia Investment CEO Patricia Goh sees these new acquisitions as a strategic move towards growth for the CLI-managed funds. “By combining our value creation capabilities with best-in-class operational expertise and leveraging the industry knowledge of our capital partners and operators, these funds are well-positioned to contribute positively to our fee-related earnings and deliver sustainable returns to our investors,” she says.
These latest acquisitions mark the next phase of growth for CLI-managed funds and signal their ongoing commitment to providing exceptional investment opportunities in the region. With a focus on value creation and operational excellence, CapitaLand Investment is dedicated to delivering sustainable returns for their investors.