CapitaLand Investment Limited (CLI) has formed a RMB2.4 billion ($447 million) joint venture with AIA Life Insurance (AIA) to recapitalise Capital Square Beijing, a Grade-A office building in Beijing, according to a Jan 31 announcement.
CLI has announced a partnership with AIA Life Insurance to recapitalise Capital Square Beijing, a Grade-A office building in Beijing. This joint venture, worth RMB2.4 billion, will see AIA taking a 95% stake in the building while CLI retains 5%. Asset management services will be provided by CLI for the venture, contributing to its recurring fee income.
Located in the Central Business District in Chaoyang District, Capital Square Beijing was acquired in October 2022 through a court auction. Since then, CLI has undertaken an asset enhancement initiative to upgrade its facilities. With a total gross floor area of 44,759 sq m above ground, the property is a valuable addition to CLI’s portfolio.
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Puah Tze Shyang, chief executive officer of CLI (China), says that despite the challenging environment, bringing in AIA as a joint venture partner showcases CLI’s disciplined capital management. This also demonstrates the trust that capital partners have in their expertise to unlock value from assets and deliver strong returns. This marks the second collaboration between CLI and AIA in China, following the insurer’s investment in one of CLI’s RMB funds in 2022.
CLI has been focused on being asset light and capital efficient while scaling up their fund management business. They have successfully recycled more than RMB3 billion in capital in China in the past year. This includes divesting a partial stake in a high-quality logistics development in Foshan, Guangdong to the CapitaLand China Opportunistic Partners Programme, as well as divesting CapitaMall Shuangjing in Beijing through the CLI-sponsored CapitaLand China Trust.
With over 200 properties across 40 Chinese cities and total assets under management of $45 billion, CLI has established itself as a leading real estate investment company in the country. Their portfolio includes office, retail, lodging, business parks, logistics, and data centers in five core Tier-1 and two city clusters. These clusters are Beijing/Tianjin; Shanghai/Hangzhou/Suzhou/Ningbo; Guangzhou/Shenzhen; Chengdu/Chongqing/Xi’an, and Wuhan. CLI’s strong presence in these key clusters has enabled them to continue delivering strong results despite the challenges in the market.
In the coming year, CLI will continue to focus on their disciplined capital management approach and seek opportunities to grow their fund management business. With their on-the-ground expertise and trust from capital partners, they remain confident in their ability to deliver value and strong returns for investors.