CapitaLand Investment Executing Swiftly Post Listing

It was a short quarter for CapitaLand Investment, or CLI, since its listing in September, but the company is executing on its strategy in growing its funds management platform, its lodging business, and in recycling capital. Along with a brief third-quarter business update, CLI is expected to launch two Japan private funds, holding two commercial properties in Japan at a valuation of SGD 537.7 million. Each of the funds hold a 50% stake in Yokohama Blue Avenue, previously owned by CLI. In addition, one of the funds is expected to hold a 20% stake in Shinjuku Front Tower. In line with one positive from CLI’s restructuring, CLI is only retaining a minority interest of 4.98% in the fund. The lower level of commitment allows CLI to redirect capital for growth initiatives. Similarly, for a newly launched Korea fund, CLI will hold a 5% stake and the balance will be from partner PGIM Real Estate. The fund will acquire two cold storage logistics properties with SGD 150.3 million under management. Both properties are operating with long-term master leases to a food wholesaler Foodist.