The companies have together committed an initial equity investment of S$350mil to the fund, called CapitaLand Wellness Fund. — Reuters
SINGAPORE: Singapore-based real estate firm CapitaLand Investment and Thai property developer Pruksa Holding say they have set up a S$1bil (US$730.4mil) wellness and healthcare-related real estate fund targeting South-East Asia.
The companies have together committed an initial equity investment of S$350mil to the fund, called CapitaLand Wellness Fund, according to a joint statement on Tuesday.
The fund’s target equity size was S$500mil.
This comes with an option to upsize to S$1bil in equity and target asset value of S$2.9bil when fully deployed, it said.
The setting up of the fund comes against the backdrop of a growing ageing population and rising healthcare spending in South-East Asia.
“This is an opportune time to expand our footprint into wellness and healthcare-related real estate in South-East Asia, one of the fastest growing regions in the world,” Patricia Goh, CEO, South-East Asia Investment at CapitaLand Investment, said.
CapitaLand Wellness Fund marks the second jointly established fund by the companies after the launch of the CapitaLand SEA Logistics Fund last year.
It will be anchored in South-East Asia with an initial focus on Singapore, Thailand and Malaysia, and target investments in single or mixed-used assets across the wellness spectrum ranging from residential to hospital facilities, the statement said.
The fund will also have an allocation for relevant strategic development opportunities in the Asia-Pacific region, it added. — Reuters
