Singapore property developer CapitaLand has set up its second Chinese property development fund, having raised S$900 million ($600 million, €439 million).
CapitaRetail China Development Fund II will invest in retail mall development projects in China. Capitaland will hold a 45 percent stake in the fund, and the remainder will be held by LPs.
“We have garnered more than $1.6 billion of dedicated funding to support our long-term retail real-estate business expansion plan in China,” the firm said in a statement.
This is CapitaLand’s second fund targeted at Chinese shopping mall investments. The first fund, CapitaRetail China I, also has a size of $600 million. That fund is now more than 90 percent committed, according to the firm. Capitaland has also sponsored the S$638 million ($425 million) CapitaRetail China Incubator Fund for warehouse retail properties.
CapitaLand, which also has a $425 million fund that invests in warehouse retail properties, earns up to 80 percent of its profit outside of its Singapore base, according to the firm.
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