(2007-04-05) Malaysian real estate CapitaLand closes real estate fund in Malaysia
CapitaLand has closed its fund called real estate in Malaysia at US$270 million or S$413 million.
This was bigger than the earlier target of US$250 million.
CapitaLand says it saw strong investor demand.
Including the two sponsor stakes from CapitaLand and the Maybank Group, total demand for the Malaysia Commercial Development Fund (MCDF) amounted to US$625 million.
The MCDF is seen as Malaysia's largest property fund, with an expected gross development value of over US$1 billion.
The fund will invest in real estate development properties primarily in the region.
Its seed investment is the 360 million ringgit or S$157 million One Mont' Kiara project.
This is a mixed development comprising two office towers, a retail podium and car parks, on a site area of 151,000 square feet.
Work on the project is expected to commence next month and be completed by the end of 2010.
CapitaLand has an effective 30 percent stake in MCDF. - CNA/ms
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