CapitaLand Investment acquires three properties in Singapore and Thailand
The commercial real estates are purchased 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 acquired by CapitaLand SEA Logistics Fund (CSLF).
Set to be Thailand’s greatest standalone storehouse, the modern ramp-up campus are going to be controlled by Ally Logistic Property when completed. Construction is scheduled to begin in 1H2024, with phase one anticipated to be completed in 2026.
Looking ahead, these most recent procurements are set to sustain the following stage of growth for each of these CLI-managed funds, states CLI Southeast Asia Investment Chief Executive Officer Patricia Goh.
CapitaLand Investment (CLI) has recently acquired 2 industrial properties in Singapore and a freehold greenfield spot in Bangkok, Thailand.
On the other hand, OMEGA 1 Bang Na is CLI’s very first logistics real estate in Thailand. As a built-to-suit venture, CSLF is going to develop an advanced computerized logistics campus with a gross flooring area of 2.47 million sq ft, efficient in settling over 150,000 pallet placements in an automated storage and access system.
“By combining our skill sets of value creation with best-in-class running capacities and drawing on the sector-specific industry knowledge of our funding partners and operators, these account are positioned to contribute favorably to our fee-related profits and create maintainable returns to our investors,” she adds.
The proceedings are guided by CapitaLand Wellness Fund’s fulfillment of the mutual acquisition of a freehold lodging real estate in Singapore past month. Upon the finish of the project of OMEGA 1 Bang Na, the complete investment worth of these 4 acquisitions will be about $700 million, carrying CLI’s finances under management in the region to $1.2 billion.
ESA is readied to expand its portfolio in Singapore with roughly 320,000 sq ft in gross floor area by the end of 1Q2024. Upon conclusion of the purchases, ESA plans to switch both possessions right into self-storage facilities in stages, supplying cool units and facilities for wine storage space.