Reuters – CapitaMalls Asia Sets up $1B Fund

CapitaMalls Asia, the shopping malls arm of Singapore’s CapitaLand Ltd., said on Monday it has set up a $1 billion closed-end private equity fund that will invest in Chinese malls. Outside investors will take up half the capital in the CapitaMalls China Development Fund III, while a CapitaMalls unit will subscribe for the remaining 50 percent.

(Reuters) – CapitaMalls Asia, the shopping malls arm of Singapore’s CapitaLand Ltd, said on Monday it has set up a $1 billion closed-end private equity fund that will invest in Chinese malls.

Outside investors will take up half the capital in the CapitaMalls China Development Fund III, while a CapitaMalls unit will subscribe for the remaining 50 percent.

CapitaMalls will inject three seed assets worth about $594.8 million into the fund, realising gains of some S$71.8 million in the process.

CapitaMalls expects to recognise a gain arising from the transaction of S$35.9 million and a fair value gain of S$35.9 million on its retained stake. (Reporting by Kevin Lim)