CapitaLand Investment acquires three properties in Singapore and Thailand
“By incorporating our capability of value production with best-in-class running capabilities and making use of the sector-specific industry expertise of our capital partners and operators, these budget are held to add favorably to our fee-related revenues and create maintainable gains to our investors,” she includes.
Ready to be Thailand’s largest standalone warehouse, the today’s ramp-up campus will be managed by Ally Logistic Property when completed. Development is set up to start in 1H2024, with stage one projected to be completed in 2026.
CapitaLand Investment (CLI) has already gotten 2 commercial real estates in Singapore and an estate greenfield area in Bangkok, Thailand.
The proceedings are guided by CapitaLand Wellness Fund’s fulfillment of the mutual procurement of a freehold lodging property in Singapore last month. Upon the finish of the development of OMEGA 1 Bang Na, the overall financial investment value of these four acquisitions are going to be around $700 million, bringing CLI’s finances under management in the area to $1.2 billion.
The commercial properties are acquired by Extra Space Asia (ESA), the Asia-focused self-storage network managed by CLI, while the 20-hectare property greenfield location OMEGA 1 Bang Na in Bangkok is gained by CapitaLand SEA Logistics Fund (CSLF).
Residence at W City Developments Limited (CDL)
Meanwhile, OMEGA 1 Bang Na is CLI’s primary logistics real estate in Thailand. As a built-to-suit undertaking, CSLF will likely create a state-of-the-art computerized logistics campus with a gross floor space of 2.47 million sq ft, capable of fitting over 150,000 pallet positions in an automaticed systems storage space and access system.
Looking ahead, these latest acquisitions are readied to fuel the following phase of development for each of these CLI-managed funds, mentions CLI Southeast Asia Investment CEO Patricia Goh.
ESA is readied to increase its portfolio in Singapore with about 320,000 sq ft in gross flooring space by the end of 1Q2024. Upon achievement of the procurements, ESA plans to convert both properties into self-storage facilities in periods, offering cool units and establishments for wine storage space.