CapitaLand Investment acquires three properties in Singapore and Thailand
ESA is set to increase its profile in Singapore with approximately 320,000 sq ft in gross flooring area by the end of 1Q2024. Upon achievement of the acquisitions, ESA plans to switch both assets right into self-storage establishments in stages, offering air-conditioned units and facilities for a drink storage space.
CapitaLand Investment (CLI) has already obtained two commercial properties in Singapore and a freehold greenfield spot in Bangkok, Thailand.
At the same time, OMEGA 1 Bang Na is CLI’s very first logistics commercial property in Thailand. As a built-to-suit project, CSLF will likely establish a state-of-the-art automated logistics campus with a gross flooring space of 2.47 million sq ft, capable of accommodating over 150,000 pallet positions in an automated storage space and retrieval system.
Looking ahead, these most recent purchases are set to sustain the next stage of progress for each of these CLI-managed funds, mentions CLI Southeast Asia Investment CEO Patricia Goh.
The industrial assets are attained by Extra Space Asia (ESA), the Asia-focused self-storage channel regulated by CLI, whilst the 20-hectare estate greenfield location OMEGA 1 Bang Na in Bangkok is bought by CapitaLand SEA Logistics Fund (CSLF).
Set to be Thailand’s largest standalone storage facility, the current ramp-up campus will most likely be managed by Ally Logistic Property when finalized. Development is scheduled to get started in 1H2024, with phase one expected to be carried out in 2026.
“By incorporating our capability of value creation with best-in-class running capacities and making use of the sector-specific sector expertise of our resources affiliates and operators, these budget are poised to contribute favorably to our fee-related earnings and supply maintainable profits to our investors,” she adds.
The sales follow CapitaLand Wellness Fund’s completion of the joint acquisition of an estate lodging real estate in Singapore last month. Upon the finish of the development of OMEGA 1 Bang Na, the complete investment value of these 4 procurements will probably be about $700 million, bringing CLI’s finances within supervision in the area to $1.2 billion.
