CapitaLand Investment acquires three properties in Singapore and Thailand
The proceedings are guided by CapitaLand Wellness Fund’s fulfillment of the shared acquisition of an estate lodging property in Singapore last month. Upon the completion of the project of OMEGA 1 Bang Na, the total investment value of these 4 acquisitions are going to be about $700 million, taking CLI’s finances within supervision in the region to $1.2 billion.
On the other hand, OMEGA 1 Bang Na is CLI’s primary logistics property in Thailand. As a built-to-suit venture, CSLF will likely create a modern programmed logistics campus with a gross flooring space of 2.47 million sq ft, efficient in settling over 150,000 pallet placements in an automated storage and retrieval system.
The industrial real estates are purchased by Extra Space Asia (ESA), the Asia-focused self-storage network supervised by CLI, while the 20-hectare property greenfield place OMEGA 1 Bang Na in Bangkok is gained by CapitaLand SEA Logistics Fund (CSLF).
Looking ahead, these most recent acquisitions are readied to fuel the following stage of expansion for each of these CLI-managed funds, says CLI Southeast Asia Investment Chief Executive Officer Patricia Goh.
ESA is readied to increase its profile in Singapore with approximately 320,000 sq ft in gross floor space by the end of 1Q2024. Upon conclusion of the acquisitions, ESA prepares to turn both properties right into self-storage facilities in phases, providing air-conditioned units and establishments for wine storage space.
Set to be Thailand’s greatest standalone storage facility, the current ramp-up campus are going to be managed by Ally Logistic Property when completed. Construction is scheduled to commence in 1H2024, with step one projected to be carried out in 2026.
CapitaLand Investment (CLI) has recently acquired two industrial real estates in Singapore and a property greenfield site in Bangkok, Thailand.
“By combining our capability of value creation with best-in-class operating capabilities and making use of the sector-specific industry expertise of our resources affiliates and managers, these budget are poised to contribute favorably to our fee-related incomes and deliver maintainable profits to our clients,” she adds.
