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CapitaMalls Asia sets up $1 billion fund

Shopping mall developer CapitaMalls Asia has established US$1 billion fund (CapitaMalls China Development Fund III) to be invested in the development of shopping malls and properties for retail purposes in China.

CapitaMalls Asia holds 50 per cent stake in the fund amounting to US$500 million, while the remaining stakes are held by institutional investors from Asia and North America.

The fund will own three of CapitaMalls Asia’s shopping malls that are currently under development as seed assets. They 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.

“With China’s focus on increasing domestic consumption as its key economic driver, we remain confident in the prospects of the Chinese
retail market,” said CapitaMalls Asia CEO Lim Beng Chee.

“Retail sales are forecast to grow between 16 per cent and 17 per cent this year. Given the potential of this vast market and to accelerate the growth of our network in China, we need to work with reputable capital partners to increase our investment capacity and expand our competitive footprint.”

Chee added that CapitaMalls China Development Fund III is the largest private equity fund CapitaMalls Asia has established to date. It strategically increases CapitaMalls Asia’s investment capacity as well as facilitates capital redeployment.

CapitaMalls Asia manages a pan-Asian portfolio of 98 shopping malls across 51 cities in the five countries of Singapore, China, Malaysia, Japan and India.


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