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Asian shopping mall giant launches $1bn private equity fund

2 Jul 2012

CapitaMalls Asia has launched a $1bn private equity fund aimed at developing shopping malls and retail properties in China.

The company said it holds a 50 per cent stake in the eight-year closed-ended fund, with the remaining stakes taken up by institutional investors from Asia and North America.

CapitaMalls said the fund will own three of its shopping malls currently under development as seed assets.

They are CapitaMall Tianfu, an integrated development comprising a six-storey shopping mall and residential and office towers in Chengdu; CapitaMall Meilicheng, a five-storey shopping mall in Chengdu; and the Luwan integrated development comprising an eight-storey shopping mall and a 29-storey office tower in Shanghai.

Company CEO Lim Beng Chee said, “With China’s focus on increasing domestic consumption as its key economic driver, we remain confident in the prospects of the Chinese retail market.

“Retail sales are forecast to grow between 16 per cent and 17 per cent this year.

“Given the potential of this vast market and to accelerate the growth of our network in China, we need to work with reputable capital partners to increase our investment capacity and expand our competitive footprint.

“CapitaMalls China Development Fund III is the largest private equity fund CapitaMalls Asia has established to date.

“In addition to strengthening our fund management business model, the contribution of the seed assets into the fund also strategically increases CapitaMalls Asia’s investment capacity as well as facilitates our capital redeployment going forward.”

CapitaMalls Asia is one of the largest listed shopping mall developers, owners and managers in Asia by total property value of assets and geographic reach.

It has interests in and manages a pan-Asian portfolio of 98 shopping malls across 51 cities in Singapore, China, Malaysia, Japan and India, with a total property value of approximately $23.1bn.

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