CapitaLand Investment acquires three properties in Singapore and Thailand
The industrial real estates are attained by Extra Space Asia (ESA), the Asia-focused self-storage channel supervised by CLI, whilst the 20-hectare freehold greenfield location OMEGA 1 Bang Na in Bangkok is bought by CapitaLand SEA Logistics Fund (CSLF).
CapitaLand Investment (CLI) has recently obtained two industrial real properties in Singapore and an estate greenfield spot in Bangkok, Thailand.
At the same time, OMEGA 1 Bang Na is CLI’s primary logistics real estate in Thailand. As a built-to-suit project, CSLF is going to develop a state-of-the-art computerized logistics campus with a gross flooring space of 2.47 million sq ft, efficient in settling over 150,000 pallet settings in an automated storage space and access system.
“By incorporating our capability of value creation with best-in-class running capabilities and making use of the sector-specific market understanding of our resources associates and managers, these funds are poised to contribute favorably to our fee-related revenues and give maintainable returns to our investors,” she adds.
Set to be Thailand’s largest standalone stockroom, the current ramp-up campus will be run by Ally Logistic Property when finalized. Construction is scheduled to commence in 1H2024, with phase one expected to be completed in 2026.
ESA is set to expand its profile in Singapore with approximately 320,000 sq ft in gross floor spot by the end of 1Q2024. Upon completion of the procurements, ESA prepares to convert both possessions right into self-storage establishments in stages, supplying air-conditioned units and establishments for wine storage space.
The transactions follow CapitaLand Wellness Fund’s completion of the mutual procurement of an estate lodging real estate in Singapore past month. Upon the finalization of the project of OMEGA 1 Bang Na, the complete financial investment market value of these four purchases are going to be about $700 million, taking CLI’s budget following supervision in the area to $1.2 billion.
Looking forward, these newest acquisitions are readied to feed the upcoming phase of expansion for every of these CLI-managed funds, mentions CLI Southeast Asia Investment Chief Executive Officer Patricia Goh.