(Corrects paragraph 1 to say Wednesday, not Monday)
(Reuters) -Singapore’s CapitaLand Investment said on Wednesday it closed its value-add lodging private fund with $650 million in total commitments, exceeding its target by $50 million, reflecting strong investor confidence in housing and lodging in the Asia Pacific.
The CapitaLand Ascott Residence Asia Fund II (CLARA II) will add around $1.6 billion to the real estate investment manager’s total funds under management.
The fund has attracted a broad mix of global investors, including new and returning capital partners, such as institutional investors, pension funds, and financial institutions across Asia, Europe, and North America.
The fund has deployed about half its committed equity across three assets in Japan and Singapore. It aims to improve underused buildings into profitable housing or lodging facilities in major cities in the Asia Pacific, it said.
As of August 13, CapitaLand Investment held S$117 billion ($90.40 billion) in funds under management.
($1 = 1.2942 Singapore dollars)
(Reporting by Kumar Tanishk in Bengaluru; Editing by Nivedita Bhattacharjee)
