CapitaLand Investment acquires three properties in Singapore and Thailand
CapitaLand Investment (CLI) has obtained 2 commercial real properties in Singapore and an estate greenfield spot in Bangkok, Thailand.
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 conclusion of the acquisitions, ESA intends to convert both possessions into self-storage facilities in phases, providing air-conditioned units and centers for a drink storage.
The commercial properties are acquired by Extra Space Asia (ESA), the Asia-focused self-storage channel supervised by CLI, whilst the 20-hectare property greenfield location OMEGA 1 Bang Na in Bangkok is bought by CapitaLand SEA Logistics Fund (CSLF).
The transactions follow CapitaLand Wellness Fund’s fulfillment of the mutual purchase of a freehold lodging real estate in Singapore previous month. Upon the finish of the development of OMEGA 1 Bang Na, the total investment market value of these 4 purchases will be roughly $700 million, taking CLI’s budget following supervision in the area to $1.2 billion.
Meanwhile, OMEGA 1 Bang Na is CLI’s primary logistics real estate in Thailand. As a built-to-suit undertaking, CSLF will develop a modern computerized logistics campus with a gross floor space of 2.47 million sq ft, with the ability of accommodating over 150,000 pallet placements in an automated storage and retrieval system.
Looking forward, these most current purchases are set to sustain the following phase of growth for every of these CLI-managed funds, says CLI Southeast Asia Investment Chief Executive Officer Patricia Goh.
Ready to be Thailand’s biggest standalone stockroom, the modern ramp-up campus are going to be controlled by Ally Logistic Property when finalized. Construction is arranged to start in 1H2024, with phase one projected to be carried out in 2026.
“By incorporating our skill sets of value creation with best-in-class running capacities and drawing on the sector-specific industry knowledge of our capital associates and managers, these account are held to add positively to our fee-related incomes and supply sustainable incomes to our clients,” she adds in.