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CapitaLand launches second logistics private fund of $400 million investing in India

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Ascendas-Firstspace Chennai, Oragadam is strategically located in Chennai’s largest and most developed industrial belt. (Picture: CapitaLand)

SINGAPORE (EDGEPROP) - On July 7, CapitaLand announced it has launched its second logistics private fund of $400 million (INR 22.5 billion) to expand in India’s logistics sector, one of the largest globally. CapitaLand India Logistics Fund II will invest in the development of logistics assets in key warehousing and manufacturing hubs in six major cities - Ahmedabad, Bangalore, Chennai, Mumbai, National Capital Region (NCR), and Pune, as well as in emerging markets such as Coimbatore, Guwahati, Jaipur, Kolkata and Lucknow. (See also: Ascendas India Trust enters India data centre sector with $217 mil investment)

“The launch of CapitaLand’s second logistics fund in India is in line with the Group’s strategy to expand our fund management business to generate recurring Fee Related Earnings (FRE) and grow the Group’s assets under management (AUM) in a capital efficient way. In 1Q 2021, CapitaLand’s FRE increased by more than 30% year-on-year. Our target is to grow CapitaLand’s FUM to at least $100 billion by 2024,” says Jonathan Yap, President, CapitaLand Financial.

CapitaLand’s first logistics fund in India is the $400 million Ascendas India Logistics Programme, launched in 2018 which is fully committed and deployed, to develop six logistics and industrial projects in Bangalore, Chennai, NCR and Pune. AscendasFirstspace manages the assets of Ascendas India Logistics Programme and CapitaLand India Logistics Fund II.

Separately, Ascendas India Trust, a listed property trust, currently has seven warehouses located at the Arshiya Free Trade Warehousing Zone in Navi Mumbai. In total, CapitaLand targets to develop a logistics portfolio of 20 to 25 million sq ft of space in India by 2025. Additionally, in October 2019, CapitaLand announced that it aims to more than double its AUM in India to $7 billion by 2024.

This article first appeared on The Edge Singapore.

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