Saturday, November 24, 2007

Singapore's CapitaLand establishing fund to invest in Indian retail malls

Singapore's CapitaLand Ltd, one of Asia's largest listed property companies, has established a $600 million (euro405 million) fund that will invest in retail mall developments in India, the company said.
CapitaLand holds a 45 per cent stake worth $272 million (euro183 million) in CapitaRetail India Development Fund, and the remaining stakes are held by insurance companies, pension funds and corporations, it said in a statement late Thursday.
CapitaLand did not identify the other stakeholders. India is one of the world's fastest growing economies, expanding at more than 9 percent a year, with a growing middle class that is eager to spend money as people seek to upgrade their lifestyle.
``We are conscious of the vast opportunities presented by India's retail real estate market, driven by the country's strong macro-economic growth and rapid urbanization,'' said CapitaLand's Chief Executive Liew Mun Leong in the statement. ``Over time, we expect to deepen our retail and fund management presence in India to become a significant long-term retail real estate player there.''
CapitaLand is 42 per cent-owned by Singapore state investment company Temasek Holdings Pvt. Ltd. Its key markets are Singapore, China and Australia. It is expanding with new developments in Vietnam, Thailand, India and the Middle East.


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