Singapore’s CapitaLand Investment has rolled out two private funds that have raised 3.98 billion RMB (US$545 million) to invest in business parks in China.
The China Business Park Core RMB Fund I raised 380 million RMB, and the China Business Park Core RMB Fund II raised 3.6 billion RMB, with 3.2 billion RMB of the total coming from third party investors, the property investment firm says in a statement on November 3. It did not identify the investors.
Fund I will acquire a business park in Shanghai while Fund II will invest in a LEED-certified business park at an undisclosed location. LEED is a global rating system for ‘green’ or energy efficient buildings.
These are the firm’s first private funds focusing on Chinese business parks. It will hold a 10% stake in Fund I and 20% in Fund II.
“We are expanding our RMB funds to acquire business parks which have proven to be resilient in operating performance,” Puah Tze Shyang, chief executive officer of CapitaLand China, says in the statement.
With the new funds, the company says it now has more than S$1.6 billion ($1.12 billion) of funds under management.
As of June 2022, CapitaLand had S$125 billion of real estate assets under management.
