CapitaLand Investment Limited’s flagship regional core-plus fund has acquired a logistics property in South Korea for $82.5 million, while the digital arm of Capital A has rebranded itself as MOVE Digital.
CapitaLand core-plus fund buys property for $82.5m
CapitaLand Investment Limited’s (CLI) flagship regional core-plus fund, CapitaLand Open End Real Estate Fund (COREF), has acquired a logistics property in South Korea for S$112 million ($82.5 million). With this acquisition, COREF’s funds under management now stand at over S$1 billion, according to a company release.
Simon Treacy, CEO, Private Equity Real Estate, CLI, said: “This investment complements COREF’s existing portfolio of 10 office and multifamily assets across Japan, Singapore, and Australia and diversifies the portfolio to the resilient South Korean logistics sector. Demand for quality logistics facilities in the country is robust and increasing steadily on the back of accelerating e-commerce growth that has resulted in the country having one of the highest e- commerce penetration rates globally.”
According to the release, this property is strategically located in the north-western region of Anseong, an emerging logistics hub in the Gyeonggi province. It is well served by primary expressways, providing easy access to Seoul and key population centres across Greater Seoul. Its proximity to a new expressway, which is expected to be completed in 2024, is expected to further boost the property’s accessibility.
Nadia Omer named CEO of MOVE Digital
The digital arm of Capital A, AirAsia’s one-stop travel platform, has rebranded itself as MOVE Digital, according to a press release.
Tony Fernandes, the co-founder of AirAsia and CEO of Capital A, will be the executive chairman of MOVE, while Nadia Omer will be the new CEO.
“The name MOVE signifies us better as the digital arm of Capital A and reiterates our commitment to move people, ideas, and innovation forward within the travel space. With this change, the market can expect an enriching user experience aside from more integration of BigPay features within the airasia Superapp very soon.” said Fernandes.
The platform had around 15 million monthly active users at the end of the second quarter.