CapitaLand Investment (CLI) has formed a S$1bn (鈧�695m) Southeast Asia logistics partnership with Taiwan鈥檚 Ally Logistic Property (ALP) and Thailand鈥檚 Pruksa Holding PCL (PSH).
The partners have committed an initial equity investment of S$270m to the newly created CapitaLand SEA Logistics Funds, with an option to increase their investment up to S$540m.
Uten Lohachitpitaks, group CEO of diversified property group PSH, said: 鈥淥ur partnership with CLI and ALP to develop the smart logistics infrastructure as a service will take Southeast Asia鈥檚 logistics value chain to the next level of innovative solutions.鈥�
Uten added: 鈥淭his investment is our first step in expanding into the industrial real estate and logistics sector. It reinforces our strategy to diversify and grow stable recurring income.鈥�
Charlie Chang, CEO of Ally Logistic Property, said his firm鈥檚 main contribution would be industry knowledge and expertise in this field.
Patricia Goh, managing director, SEA of CapitaLand Investment, said, 鈥淐LI firmly believes in the long-term growth potential of the logistics infrastructure as a strong alternative asset class that will benefit from the favourable economic fundamentals in Southeast Asia.
Goh said the platform would expand the asset pipeline for the group鈥檚 private and listed fund vehicles. CLI will be the fund manager for the new fund.
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