Mapletree, a real estate investment unit of Singapore state-owned investor Temasek, has made a third investment in China from the target $1.5 billion (€955 million) Mapletree India-China Fund, which held its first close earlier this month.
Mapletree has partnered with a Chinese company to jointly develop a property worth $320 million in China's Guangdong district. The Mapletree India-China Fund has taken an 80 percent stake in the project, and Guangzhou Southern-Donald Scientific Technology Company will own the rest. The firm is still looking for institutional investors for the remainder of the fund, which could close as high as $2 billion according to reports.
Construction on the 82 acre project is expected to start in the first quarter of 2009, with completion set for 2012. The development will hold seven high-end serviced apartment blocks and a retail mall, according to Mapletree. It is located in the Nanhai district of Foshan city.
The firm also said the fund has so far raised $1 billion, half from Mapletree and the other half from an unidentified international institutional investor. The fund is focused on investment and development of office, retail and residential real estate within China and India.
This is the third investment in China for the fund. The fund has also invested in a $144 million residential and retail development called Future City in Xi'an, and made a $121 million acquisition of an office block in Beijing's central business district. In total value of the fund’s portfolio is now $585 million.