CapitaLand Investment acquires three properties in Singapore and Thailand
ESA is set to increase its portfolio in Singapore with approximately 320,000 sq ft in gross floor area by the end of 1Q2024. Upon conclusion of the procurements, ESA plans to switch both properties right into self-storage facilities in stages, supplying air-conditioned units and centers for a drink storage.
The proceedings adhere to CapitaLand Wellness Fund’s completion of the shared acquisition of a property lodging real estate in Singapore past month. Upon the finish of the property development of OMEGA 1 Bang Na, the overall financial investment worth of these four purchases will be approximately $700 million, taking CLI’s budget under management in the area to $1.2 billion.
On the other hand, OMEGA 1 Bang Na is CLI’s very first logistics real estate in Thailand. As a built-to-suit undertaking, CSLF will likely establish an advanced automated logistics campus with a gross floor space of 2.47 million sq ft, with the ability of fitting over 150,000 pallet placements in an automated storage and retrieval system.
“By integrating our skill sets of value production with best-in-class working capabilities and drawing on the sector-specific industry understanding of our resources partners and managers, these account are positioned to add favorably to our fee-related revenues and give lasting gains to our investors,” she includes.
Looking ahead, these most recent acquisitions are readied to fuel the upcoming stage of expansion for each of these CLI-managed funds, mentions CLI Southeast Asia Investment Chief Executive Officer Patricia Goh.
CapitaLand Investment (CLI) has acquired 2 commercial real properties in Singapore and a property greenfield site in Bangkok, Thailand.
The commercial properties are purchased by Extra Space Asia (ESA), the Asia-focused self-storage channel handled by CLI, whilst the 20-hectare freehold greenfield place OMEGA 1 Bang Na in Bangkok is bought by CapitaLand SEA Logistics Fund (CSLF).
Ready to be Thailand’s biggest standalone storehouse, the modern ramp-up campus are going to be operated by Ally Logistic Property when finalized. Building and construction is scheduled to start in 1H2024, with phase one expected to be finished in 2026.