CapitaLand Investment establishes new lodging private fund

The fund has a target equity size of $800m.

CapitaLand Investment Limited (CLI) has established a new lodging private fund with a target equity size of $800m.

The fund, CapitaLand Ascott Residence Asia Fund II (CLARA II), will invest in serviced residences and coliving properties in gateway cities in key developed Asia Pacific markets.

CLARA II is CLI’s second private fund that focuses on the serviced residence and coliving assets and a follow-on fund to the $800m Ascott Serviced Residence Global Fund (ASRGF). 

CLI will hold a 20% sponsor stake in CLARA II. Third-party institutional investors will hold the remaining 80% stake in the fund.

In a bourse filing, CLI said CLARA II had secured its first close with equity commitment by global institutional investors from Europe and Asia.

The fund will also acquire a 50% stake in the 308-unit lyf Bugis Singapore and a 100% stake in the 200-unit lyf Shibuya Tokyo in Japan from Ascott.