CapitaLand Investment Limited (CLI) and Thai real estate group, Pruksa Holding (PSH) have raised an initial S$350m (€206m) for a newly created wellness and healthcare-related real estate fund.

The partners have jointly committed an initial equity investment towards the CapitaLand Wellness Fund’s (C-WELL) target equity raise of S$500m, with an option to upsize to S$1bn in equity.

C-WELL, which will invest primarily in Singapore, Thailand, and Malaysia, has a target portfolio size of S$2.9bn when fully deployed.

The fund is focused on single or mixed-used assets across the wellness spectrum, including residential, lodging, senior living, clinics, medical suites, hospital facilities, and wellness and lifestyle-oriented living solutions. It will also have an allocation for relevant development opportunities in the wider Asia Pacific region.

Patricia Goh, CEO, Southeast Asia Investment, CLI, said: “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.”

Uten Lohachitpitaks, Group CEO of PSH, said: “At Pruksa, we see shifting dynamics related to the increasing proportion of elderly individuals living independently and the potential impact on their health.

“We anticipate that this trend will lead to a growing demand for healthier real estate options tailored for ageing in place care.”

C-WELL marks the second jointly established fund by CLI and PSH following the launch of the CapitaLand SEA Logistics Fund last year.

To read the latest IPE Real Assets magazine click here.

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