CapitaLand, Thai developer launch up to $730 mln healthcare-related fund

CapitaLand Ascendas REIT

01/11/2023 01:07

SINGAPORE, Nov 1 (Reuters) - Singapore-based real estate
firm CapitaLand Investment  CAPN.SI  and Thai property developer
Pruksa Holding  PSH.BK  said they have set up an up to S$1
billion ($730.4 million) wellness and healthcare-related real
estate fund targeting Southeast Asia.
    The companies have together committed an initial equity
investment of S$350 million to the fund, called CapitaLand
Wellness Fund, according to a joint statement on Tuesday.
    The fund's target equity size was S$500 million, with an
option to upsize to S$1 billion in equity and target asset value
of S$2.9 billion when fully deployed, it said.
    The setting up of the fund comes against the backdrop of a
growing ageing population and rising healthcare spending in
Southeast Asia.
    "This is an opportune time to expand our footprint into
wellness and healthcare-related real estate in Southeast Asia,
one of the fastest growing regions in the world," Patricia Goh,
CEO, Southeast Asia Investment at CapitaLand Investment, said.
    CapitaLand Wellness Fund marks the second jointly
established fund by the companies after the launch of the
CapitaLand SEA Logistics Fund last year.  
    It will be anchored in Southeast Asia with an initial focus
on Singapore, Thailand and Malaysia, and target investments in
single or mixed-used assets across the wellness spectrum ranging
from residential to hospital facilities, the statement said. 
    The fund will also have an allocation for relevant strategic
development opportunities in the Asia Pacific region, it added. 
 ($1 = 1.3692 Singapore dollars)

 (Reporting by Yantoultra Ngui; Editing by Muralikumar
Anantharaman)
 ((Yantoultra.Ngui@thomsonreuters.com;))