CapitaLand Ltd. is looking to double its assets under management in Japan to S$5 billion, plans it announced as its serviced residence unit, The Ascott Ltd., opened the 130-unit Ascott Marunouchi Tokyo.
Ming Yan Lim, the company's president and group CEO, said the company will explore opportunities across asset classes in the country, including tapping various capital sources and third-party assets, to reach this goal. The executive added that the company will use its enlarged portfolio to sustain growth in Japan.
As of March 31, the company has more than S$2.5 billion worth of assets under management in the country, comprising five shopping malls, four office buildings, and 23 serviced residences and rental apartments. The company boosted its presence in the Greater Tokyo area in 2017 with the S$620.1 million acquisition of three office buildings and a mall.
Lim said the company's Japanese assets are on track to reach the S$3 billion mark by year-end.
As of June 6, US$1 was equivalent S$1.38.