CapitaLand Investment acquires three properties in Singapore and Thailand
The commercial properties are acquired by Extra Space Asia (ESA), the Asia-focused self-storage platform supervised by CLI, while the 20-hectare estate greenfield site OMEGA 1 Bang Na in Bangkok is acquired by CapitaLand SEA Logistics Fund (CSLF).
Meanwhile, OMEGA 1 Bang Na is CLI’s very first logistics property in Thailand. As a built-to-suit undertaking, CSLF will develop a cutting edge automated logistics campus with a gross floor area of 2.47 million sq ft, efficient in fitting over 150,000 pallet positions in an automated storage and access system.
“By integrating our skill sets of value development with best-in-class working capacities and drawing on the sector-specific industry knowledge of our resources affiliates and operators, these account are held to add positively to our fee-related profits and deliver lasting incomes to our investors,” she adds in.
The transactions follow CapitaLand Wellness Fund’s completion of the mutual acquisition of a property lodging real estate in Singapore last month. Upon the completion of the project of OMEGA 1 Bang Na, the total financial investment market value of these four acquisitions will probably be about $700 million, taking CLI’s funds within supervision in the area to $1.2 billion.
ESA is readied to increase its portfolio in Singapore with around 320,000 sq ft in gross flooring space by the end of 1Q2024. Upon conclusion of the purchases, ESA plans to switch both assets right into self-storage establishments in stages, providing cool units and facilities for wine storage space.
Looking forward, these newest purchases are readied to sustain the following stage of development for each of these CLI-managed funds, states CLI Southeast Asia Investment CEO Patricia Goh.
Ready to be Thailand’s greatest standalone warehouse, the current ramp-up campus are going to be operated by Ally Logistic Property when finalized. Building and construction is set up to begin in 1H2024, with stage one projected to be concluded in 2026.
CapitaLand Investment (CLI) has gotten two industrial real estates in Singapore and an estate greenfield spot in Bangkok, Thailand.
