CapitaLand Investment acquires three properties in Singapore and Thailand
The proceedings are guided by CapitaLand Wellness Fund’s completion of the joint acquisition of an estate lodging property in Singapore previous month. Upon the finalization of the project of OMEGA 1 Bang Na, the overall financial investment value of these 4 acquisitions will probably be about $700 million, carrying CLI’s finances following supervision in the area to $1.2 billion.
ESA is readied to expand its portfolio in Singapore with about 320,000 sq ft in gross floor space by the end of 1Q2024. Upon conclusion of the purchases, ESA prepares to switch both properties right into self-storage facilities in stages, providing air-conditioned units and centers for a drink storage space.
The industrial properties are acquired by Extra Space Asia (ESA), the Asia-focused self-storage platform managed by CLI, whereas the 20-hectare estate greenfield site OMEGA 1 Bang Na in Bangkok is acquired by CapitaLand SEA Logistics Fund (CSLF).
Looking ahead, these newest purchases are readied to fuel the upcoming phase of growth for each of these CLI-managed funds, mentions CLI Southeast Asia Investment CEO Patricia Goh.
“By integrating our skill sets of value production with best-in-class working capacities and drawing on the sector-specific market knowledge of our funding associates and managers, these funds are held to provide positively to our fee-related incomes and deliver maintainable incomes to our investors,” she includes.
Ready to be Thailand’s biggest standalone storage facility, the modern ramp-up campus will most likely be operated by Ally Logistic Property when finalized. Building and construction is set up to begin in 1H2024, with stage one anticipated to be concluded in 2026.
CapitaLand Investment (CLI) has recently obtained two commercial real properties in Singapore and a freehold greenfield site in Bangkok, Thailand.
At the same time, OMEGA 1 Bang Na is CLI’s very first logistics real estate in Thailand. As a built-to-suit project, CSLF will establish a cutting edge automatic logistics campus with a gross flooring area of 2.47 million sq ft, capable of suiting over 150,000 pallet positions in an automaticed systems storage and access system.