CapitaLand Investment acquires three properties in Singapore and Thailand
The industrial real estates are purchased by Extra Space Asia (ESA), the Asia-focused self-storage channel regulated by CLI, while the 20-hectare freehold greenfield place OMEGA 1 Bang Na in Bangkok is bought by CapitaLand SEA Logistics Fund (CSLF).
On the other hand, OMEGA 1 Bang Na is CLI’s primary logistics property in Thailand. As a built-to-suit undertaking, CSLF is going to develop a modern automated logistics campus with a gross floor space of 2.47 million sq ft, capable of settling over 150,000 pallet positions in an automated storage space and retrieval system.
Set to be Thailand’s biggest standalone storage facility, the modern ramp-up campus are going to be operated by Ally Logistic Property when finished. Construction is arranged to commence in 1H2024, with step one anticipated to be carried out in 2026.
“By combining our capability of value creation with best-in-class operating capabilities and drawing on the sector-specific sector expertise of our resources partners and operators, these funds are held to add favorably to our fee-related incomes and give maintainable returns to our buyers,” she adds in.
The transactions adhere to CapitaLand Wellness Fund’s completion of the shared procurement of an estate lodging real estate in Singapore last month. Upon the completion of the project of OMEGA 1 Bang Na, the total financial investment market value of these 4 acquisitions are going to be around $700 million, bringing CLI’s finances within supervision in the region to $1.2 billion.
CapitaLand Investment (CLI) has gotten two industrial real estates in Singapore and an estate greenfield spot in Bangkok, Thailand.
Looking forward, these most current acquisitions are readied to fuel the following stage of development for each of these CLI-managed funds, says CLI Southeast Asia Investment CEO Patricia Goh.
ESA is readied to broaden its profile in Singapore with around 320,000 sq ft in gross flooring area by the end of 1Q2024. Upon completion of the purchases, ESA intends to turn both assets right into self-storage facilities in stages, providing air-conditioned units and establishments for a drink storage space.