CapitaLand opens US$300m private fund

This will be for its expansion in Vietnam.

CapitaLand set up its first commercial fund in Vietnam, CapitaLand Vietnam Commercial Fund I (CVCFI), for US$300m as a first in a series of its investments.

The Grade A investment will span eight years.

CapitaLand will own a 40% stake in CVCFI, whilst remaining interest will be held by major investors.

CapitaLand president and group chief executive officer (CEO) Lim Ming Yan said, “We see increasing investor interest in Southeast Asia, in particular Vietnam. They want to invest in the country through CapitaLand given our deep local platform and execution capabilities. CapitaLand is positive about the growth trajectory of Vietnam and foresee that this trend will continue for at least the next 10 years."

He added that the CVCFI will help bring its total assets to $10b in 2020.

Vietnam is the third largest market for CapitaLand in Southeast Asia, with nine residential developments, 22 serviced residences with 4,700 units, and one Grade A office development across its six cities.