CapitaMalls Asia : Sets Up $1 Billion Private Fund To Invest in China Retail Properties
07/01/2012| 07:56pm US/Eastern
By Chun Han Wong
SINGAPORE--Shopping-mall developer CapitaMalls Asia Ltd. (JS8.SG) said Monday it has set up a $1 billion private-equity fund to invest in the development of retail properties in China.
The CapitaMalls China Development Fund III has a life of eight years and will hold as seed assets three of CapitaMalls Asia's shopping malls that are under development, the unit of real-estate group CapitaLand Ltd. (C31.SG) said in a statement.
CapitaMalls Asia holds a 50% stake in the fund--the largest the company has set up to date--while institutional investors from Asia and North America hold the remainder, it added.
The fund's seed assets include CapitaMall Tianfu and CapitaMall Meilicheng in Chengdu, and the Luwan shopping mall and office tower mixed-use development in Shanghai. The fund's acquisition of the Luwan project is subject to regulatory approval, the company said.
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