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.
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