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CapitaLand sets up $880m India property fund

CAPITALAND, South-east Asia’s biggest developer, yesterday said that it has successfully established its first India private property fund with a fund size of $880 million.

The company first announced the fund – CapitaRetail India Development Fund – in July.

The closed-end private fund has the mandate to invest in retail mall developments in India. CapitaLand holds a stake of about 45 per cent stake in it, with the remaining held by insurance companies, pension funds and corporations.

CapitaLand chief executive Liew Mun Leong said that the fund will allow the company to increase its multi-sector presence in India.

‘We are conscious of the vast opportunities presented by India’s retail real estate market, driven by the country’s strong macro-economic growth and rapid urbanisation,’ he said in a statement. ‘Over time, we expect to deepen our retail and fund management presence in India to become a significant long-term retail real estate player there.’

CapitaLand, which also has similar funds in China, hopes to replicate its successful China retail business platform in India.

CapitaLand’s shares closed unchanged at $6.50 yesterday. The company’s stock has risen some 4.8 per cent since the start of the year.

 

Source: Business Times 23 Nov 07

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