CapitaLand Investment closes CLARA II fund at $849.5m

CLI said the fund aims to transform underutilised assets by partnering with best-in-class operators.

CapitaLand Investment Limited (CLI) announced the final close of its CapitaLand Ascott Residence Asia Fund II (CLARA II), raising over $849.5m (US$650m) in total equity commitments and co-investments.

The fund exceeded its original $784.2m (US$600m) target and is expected to add approximately $2.1b (US$1.6b) to CLI’s funds under management.

According to CLI, CLARA II is backed by a mix of new and returning institutional, pension, and financial investors from Asia, Europe, and North America. The company retains a 20% sponsor stake in the fund.

CLI said the fund aims to transform underutilised assets by partnering with best-in-class operators, including its own lodging arm, The Ascott Limited.

About half of the fund’s equity has already been deployed across three assets: lyf Shibuya Tokyo and Citadines Shinjuku Tower Tokyo in Japan, and lyf Bugis Singapore.

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