CapitaLand Investment Ltd. (CLI) has launched the CapitaLand China Opportunistic Partners Program to invest in special situation opportunities in China. The CCOP Program comprises a S$291 million ($219 million) single-asset fund and a S$824 million ($619 million) programmatic joint venture.
A total of S$1.1 billion ($826 million) of equity has been committed to the program, with S$892 million ($670 million) secured from top-tier global institutional investors, which hold an 80 percent stake in the program. CLI holds the remaining 20 percent stake.
The single-asset fund has acquired Beijing Suning Life Plaza, an integrated development consisting of office and retail components in Beijing’s Central Business District, for S$553 million ($415 million). It will invest to reposition the 19-story integrated development, starting in first quarter 2023, converting and upgrading the retail space into a grade A office that will command higher rent.
The programmatic joint
