Singapore-based global real asset manager CapitaLand Investment Limited (CLI) announced that it has secured a total of S$261 million ($198 million) in fresh commitments for its Southeast Asia and India private funds.
The company said CapitaLand SEA Logistics Fund (CSLF), its first logistics fund in Southeast Asia, has secured S$130 million ($98.5 million) in commitment from Japanese shipping major Mitsui O.S.K. Lines (MOL).
The investment marks the second close of CSLF and brings its total equity size to S$400 million ($303 million), per the announcement. MOL now holds a 32.5% stake in CSLF.
The fund held its first fund close in February 2023. It allocates capital towards the development and management of advanced logistics infrastructure supported by integrated smart warehousing solutions.
In December 2023, CSLF acquired its seed asset, a freehold land site, to develop OMEGA 1 Bang Na, marking CLI’s first logistics property in Thailand.
CLI said the capital infusion from MOL enables the fund to accelerate its deployment across a range of greenfield and brownfield logistics investments.
“Having MOL place their trust in CLI is a testament to our strengths in connecting capital partners with investment opportunities across geographies and asset classes,” said CLI Group president Lee Chee Koon.
The capital infusion from MOL enables CSLF to accelerate its deployment across a range of greenfield and brownfield logistics investments, according to the announcement.
CLI also announced that CapitaLand India Growth Fund 2 (CIGF2) has secured a S$131 million ($99.3 million) capital commitment from Daibiru Corporation, the real estate subsidiary of MOL. The commitment officially closes the S$525-million fund.
The commitment gives Daibiru a 25% stake in CIGF2, which invests in Grade A business parks in prime locations across gateway cities in India. Another Japanese firm, Mitsubishi Estate Co. Ltd, holds a 50% stake in the fund.
Daibiru’s investment in CIGF2 will see the real estate company take a 25% effective stake in International Tech Park Chennai, Radial Road (ITPC-Radial Road).
Located in the business hub of Chennai, the 2.6 million-square-feet ITPC-Radial Road caters to the IT/IT-enabled services sector.
