CapitaLand Investment hits $403m final close for second APAC credit fund

ACP II is allocated to five first mortgage loans in Sydney and Seoul.

CapitaLand Investment Limited (CLI) reached the final close of its second Asia-Pacific real estate credit fund with $403m (US$320m) in equity commitments, adding over $750m (US$600m) to its funds under management.

The CapitaLand Asia Pacific Credit Program II (ACP II) focuses on senior secured, asset-backed real estate credit.

ACP II is allocated to five first mortgage loans for logistics, office and living assets located in Sydney, Australia, and the Seoul Metropolitan Area in South Korea.

The fund attracted capital from insurers, financial institutions and family offices, with CLI committing 20% as sponsor.

The closing comes as bank lending conditions tighten, increasing demand for alternative financing, the group said.

Real estate-backed lending in the Asia-Pacific accounted for 6% of total financing compared with 21% in Europe and 41% in the US.

The fund’s final close comes after the full realisation of ACP I, CLI’s inaugural credit programme.

The $240m (A$265m) fund financed two prime mixed-use developments in Melbourne and Adelaide.

In South Korea, the group’s $154.1m (KRW180b) Korea Credit Program, in partnership with Korea Investment & Securities, has been fully deployed across diversified asset classes in Seoul.

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CapitaLand Investment Limited

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