CapitaLand Investment (CLI), a unit of Singapore’s Temasek-backed real estate giant CapitaLand Group, and SC Capital Partners have launched a fund to develop industrial real estate in the United Arab Emirates.
The SC GCC Real Estate Industrial Development Fund will be co-sponsored by CLI, a global real estate asset manager listed in Singapore with $91 billion in assets under management. CLI has a 40% stake in SC Capital, the two companies said in a statement that did not disclose further financial details of the Fund.
SC Capital will work with its industrial partner THi Holding Management Corporation, an industrial real estate and infrastructure company with operations across China, Singapore, Japan, and the UAE. THi Holding Management will be the Fund’s development manager, asset manager, and operator.
The venture will develop 300,000 square metres of land in the emirate of Ras Al Khaimah into an industrial park targeted at high-tech and smart manufacturing enterprises from across Asia. Potential tenants include companies in the electric vehicles, renewable energy, and advanced materials sectors.
Additionally, CLI and SC Capital said the Fund has already built a strong pipeline of development opportunities in Abu Dhabi and Dubai.
The project, expected to create 1,800 jobs, comes amid the emirates’ drive to transform their economies into centres for advanced industries and innovation.
