CapitaMalls Asia puts up US$1b fund
The new fund will invest in the development of shopping malls and properties predominantly used for retail purposes in China.
CapitaMalls Asia Limited has established CapitaMalls China Development Fund III with a fund size of US$1 billion and a fund life of eight years.
The fund will own three of CapitaMalls Asia’s shopping malls that are currently under development as seed assets. The properties are: CapitaMall Tianfu, an integrated development comprising a six-storey shopping mall and residential and office towers in Chengdu; CapitaMall Meilicheng, a five-storey shopping mall in Chengdu; and the Luwan integrated development comprising an eight-storey shopping mall and a 29-storey office tower in Shanghai.
CapitaMalls Asia holds a 50% stake in the fund amounting to US$500 million, while the remaining stakes are held by institutional investors from Asia and North America.