Source : Channel NewsAsia - 16 Jul 2008
Southeast Asia’s biggest property developer, CapitaLand, has set up a US$1 billion private equity fund to invest in mixed-use commercial properties in China.
The size of the fund could be increased to US$1.3 billion by the end of this year.
The Raffles City China Fund is the first for CapitaLand in China and also the largest in value it has ever managed.
The fund will target prime mixed-use commercial properties in key gateway cities in China.
CapitaLand will own 50 per cent of the fund, while the rest will be held by institutional investors from Asia, Europe and North America.
It may reduce the stake to 45 per cent if there is strong investor demand.
The fund intends to acquire CapitaLand’s effective 55.9 per cent stake in the completed Raffles City Shanghai and 100 per cent of the other three Raffles City projects under development in Beijing, Chengdu and Hangzhou.
Currently, the assets are valued at about US$2 billion.
No comments:
Post a Comment