CapitaLand Investment acquires three properties in Singapore and Thailand
Set to be Thailand’s greatest standalone warehouse, the current ramp-up campus are going to be operated by Ally Logistic Property when completed. Development is set up to begin in 1H2024, with stage one expected to be concluded in 2026.
ESA is set to increase its profile in Singapore with approximately 320,000 sq ft in gross flooring spot by the end of 1Q2024. Upon achievement of the purchases, ESA plans to turn both assets into self-storage establishments in phases, supplying air-conditioned units and facilities for wine storage space.
The commercial properties are acquired by Extra Space Asia (ESA), the Asia-focused self-storage platform managed by CLI, while the 20-hectare estate greenfield place OMEGA 1 Bang Na in Bangkok is gained by CapitaLand SEA Logistics Fund (CSLF).
Looking forward, these most current purchases are set to sustain the next phase of development for each and every of these CLI-managed funds, says CLI Southeast Asia Investment CEO Patricia Goh.
“By integrating our capability of value creation with best-in-class operating capacities and drawing on the sector-specific sector expertise of our funding associates and operators, these account are positioned to add favorably to our fee-related revenues and create maintainable returns to our buyers,” she adds in.
The proceedings are guided by CapitaLand Wellness Fund’s fulfillment of the mutual procurement of an estate lodging property in Singapore previous month. Upon the finish of the project of OMEGA 1 Bang Na, the complete investment value of these four purchases are going to be roughly $700 million, carrying CLI’s finances following supervision in the area to $1.2 billion.
On the other hand, OMEGA 1 Bang Na is CLI’s first logistics real estate in Thailand. As a built-to-suit project, CSLF will develop a state-of-the-art automatic logistics campus with a gross flooring area of 2.47 million sq ft, with the ability of accommodating over 150,000 pallet placements in an automated storage space and retrieval system.
CapitaLand Investment (CLI) has already acquired 2 commercial real estates in Singapore and a freehold greenfield site in Bangkok, Thailand.
