May 20, 2020

CapitaLand creates $2 billion China fund

CapitaLand China
The Ascott
Raffles City China Investment Partners III
2 min
CapitaLand creates $2 billion China fund

Singapore-based property developer CapitaLand has set up a $1.5 billion fund to use for investments in prime integrated developments in China. It will be known as Raffles City China Investment Partners III (RCCIP III) fund, and run be in motion for eight years.

CapitaLand will subscribe for a 41.7 per cent sponsor stake in RCCIP III. The remaining interests will be held by major investors from across the world, particularly Asia, North America and the Middle East. There will be a mixture of new and existing investors.

"RCCIP III is set to be another excellent example of how we are... working with strong capital partners to build up scale, while enhancing the group's returns on equity through earning fee income," said CapitaLand president and group chief executive Lim Ming Yan.

In July 2015, CapitaLand's The Ascott partnered Qatar Investment Authority to set up a $600 million fund to invest in serviced residences across the globe.

The new fund means CapitaLand now manages 16 real estate private platforms and five Reits with total assets under management worth more than $45 billion.

Lang, who also oversees the investment management business, said: "RCCIP III brings us closer towards our goal of raising funds with a total AUM of up to $10 billion by 2020."

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SOURCE: [Straits Times]  

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