CapitaLand Investment acquires three properties in Singapore and Thailand
The commercial properties are acquired by Extra Space Asia (ESA), the Asia-focused self-storage network regulated by CLI, while the 20-hectare property greenfield place OMEGA 1 Bang Na in Bangkok is gained by CapitaLand SEA Logistics Fund (CSLF).
Looking forward, these latest acquisitions are readied to fuel the next stage of expansion for every of these CLI-managed funds, states CLI Southeast Asia Investment Chief Executive Officer Patricia Goh.
Set to be Thailand’s biggest standalone storage facility, the modern ramp-up campus will be controlled by Ally Logistic Property when finished. Construction is arranged to begin in 1H2024, with stage one anticipated to be finished in 2026.
ESA is readied to expand its portfolio in Singapore with around 320,000 sq ft in gross flooring spot by the end of 1Q2024. Upon completion of the acquisitions, ESA intends to switch both assets into self-storage facilities in phases, supplying air-conditioned units and establishments for a drink storage.
CapitaLand Investment (CLI) has acquired 2 commercial real estates in Singapore and a property greenfield area in Bangkok, Thailand.
The sales follow CapitaLand Wellness Fund’s completion of the shared purchase of a freehold lodging real estate in Singapore previous month. Upon the finalization of the project of OMEGA 1 Bang Na, the total financial investment market value of these four purchases will be around $700 million, taking CLI’s funds within management in the area to $1.2 billion.
“By combining our skill sets of value creation with best-in-class working capabilities and drawing on the sector-specific market understanding of our funding affiliates and managers, these funds are positioned to contribute favorably to our fee-related revenues and create maintainable returns to our clients,” she includes.
On the other hand, OMEGA 1 Bang Na is CLI’s first logistics commercial property in Thailand. As a built-to-suit project, CSLF will develop a cutting edge computerized logistics campus with a gross floor space of 2.47 million sq ft, with the ability of suiting over 150,000 pallet settings in an automaticed systems storage and access system.