CapitaLand Investment Limited (CLI) has secured a further S$870m (€587m) for its opportunistic Chinese real state strategy, taking capital raised for CapitaLand China Opportunistic Partners (CCOP) Programme to S$2.1bn.
Simon Treacy, CEO of private equity real estate at CLI, told IPE Real Assets: “It is a significant raise – a reflection of the quality platform we have in China and our ability to source special situations there.
“The volatility of the market in the last year or so has opened this special-situation window. You need to be positioned on the ground there to pick off these special opportunities where you see good value.
“We will be opportunity-led. The pipeline of deals to look at is growing, therefore we can pick the best deals. We have time on our hands and dry power and that puts us in a good position.”
The platform, launched in February this year, looks to invest in the ‘new economy’ and assets in which its teams can add value, Treacy said.
The CCOP Programme is one of three unlisted CLI funds, alongside CapitaLand Open End Real Estate Fund (COREF), the group’s flagship regional core-plus fund, and the CapitaLand India Growth Fund 2 (CIGF2).
CLI has also raised a further S$134m from an existing investor that has increased its allocation to COREF this week, CIFF2 raised S$263m to invest in business parks in Indian cities.
In total, CLI raised S$3.2bn in the first eight months of the year, up 28% on the S$2.5bn raised for all of 2022.
“With the strong investor demand for the CCOP Programme, COREF and CIGF2, we will continue to grow such scalable fund products and plan to embark on funds focussed on value-add opportunities in Asia-Pacific,” Treacy said.
“We will continue to build up country-specific domestic funds and capital sources in China and India. We will also pursue opportunities to grow our private funds across new economy and alternative asset classes.”