CapitaLand Investment acquires three properties in Singapore and Thailand
CapitaLand Investment (CLI) has already acquired two commercial real properties in Singapore and a property greenfield area in Bangkok, Thailand.
On the other hand, OMEGA 1 Bang Na is CLI’s very first logistics commercial property in Thailand. As a built-to-suit project, CSLF is going to establish a state-of-the-art automated logistics campus with a gross flooring space of 2.47 million sq ft, with the ability of suiting over 150,000 pallet placements in an automated storage space and retrieval system.
Ready to be Thailand’s greatest standalone storehouse, the today’s ramp-up campus are going to be run by Ally Logistic Property when completed. Construction is arranged to commence in 1H2024, with step one projected to be carried out in 2026.
Looking ahead, these latest procurements are readied to feed the upcoming stage of expansion for each of these CLI-managed funds, says CLI Southeast Asia Investment CEO Patricia Goh.
“By combining our capability of value creation with best-in-class operating capacities and making use of the sector-specific sector understanding of our capital affiliates and operators, these funds are held to add positively to our fee-related incomes and deliver lasting returns to our buyers,” she adds.
The commercial properties are purchased by Extra Space Asia (ESA), the Asia-focused self-storage platform managed by CLI, whilst the 20-hectare property greenfield site OMEGA 1 Bang Na in Bangkok is acquired by CapitaLand SEA Logistics Fund (CSLF).
The sales follow CapitaLand Wellness Fund’s fulfillment of the mutual acquisition of a property lodging real estate in Singapore last month. Upon the finalization of the project of OMEGA 1 Bang Na, the complete investment worth of these four procurements will most likely be about $700 million, bringing CLI’s finances under management in the area to $1.2 billion.
ESA is set to increase its profile in Singapore with around 320,000 sq ft in gross flooring area by the end of 1Q2024. Upon completion of the procurements, ESA intends to convert both assets into self-storage facilities in stages, offering cool units and establishments for wine storage.