Source : Channel NewsAsia - 23 Jun 2008
CapitaLand and CITIC Trust, China’s largest trust company, have launched the first renminbi-denominated real estate private equity fund in China.
The 500 million renminbi fund will invest in business parks in China. It will be jointly managed by CITIC Trust and CapitaLand.
CapitaLand has 50 per cent sponsor stake, while local Chinese investors - comprising corporate investors and high net worth individuals - have subscribed for the remaining interests.
The fund allows Chinese domestic investors to participate in the incubation of properties suitable for real estate investment trusts.
The fund will invest in CapitaLand’s business park in Beijing called the IBM China Centre.
The property is a Grade A, low-rise and campus-style development with a net lettable area of 19,272 square metres
The new venture is CapitaLand’s first business park fund in China and its seventh private equity fund in the country.
The combined equity committed for the seven funds in China amounts to US$2.7 billion. - CNA/ms
No comments:
Post a Comment