CapitaLand Investment (CLI) has held a first close of its sixth onshore renminbi (RMB) fund, China Business Park RMB Fund III (CBPF III), with an initial equity commitment of RMB 1.2 billion (S$222 million/$168 million) to invest in the business park sector in China.
CLI has secured an onshore major institutional investor as the fund’s anchor investor. The closed-end fund is expected to add RMB 2 billion (S$370 million/$280 million) to CLI’s funds under management (FUM) when fully deployed. CLI will maintain a sponsor stake in CBPF III in line with its asset-light strategy to grow its FUM while keeping strong alignment with its investors and partners.
CLI will recapitalize Ascendas iHub Suzhou by divesting it as a seed asset to CBPF III for RMB 1.4 billion (S$259 million/$196 million). CLI will continue to manage the property, which will contribute to its recurring fee income.
Ascendas iHub Suzhou is located in Dushu Lake Science & Education Innovation
