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Asia market round-up: Singapore Reit pioneer heads overseas

CapitaLand Limited, Singapore’s leading property group and already the sponsor of four Singapore-listed real estate investment trusts, including the recent mainland China Reit, CapitaRetail China Trust, added to its portfolio in December with the IPO of a fifth Reit and its first to be listed abroad.

Quill Capita Trust, a commercial Reit invested in Malaysian properties, is seeking to raise about $60 million and expects to list in January 2007 on the local Malaysian exchange. CapitaLand also announced in December the launch of the Malaysian Commercial Development Fund, a private equity fund that will invest opportunistically in real estate in Malaysia. The fund is being launched in association with Aseambankers Malaysia, has a target size of $250 million, and is expected to close by the first quarter of 2007.

Malaysia is not CapitaLand’s only foreign foray. The firm also announced in December the launch of the largest Shariah-compliant real estate fund in Asia and the Gulf. The fund, to be called Raffles City Bahrain Fund, aims to raise up to $630 million from institutional and high-net-worth investors, including a stake expected to be up to 30% held by CapitaLand, and expects to close its funding by the first quarter of 2007.

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