Singapore's CapitaLand sets up lodging fund with $600m target

SINGAPORE -- CapitaLand Investment (CLI) has set up a new private fund with a target equity size of $600 million, the Singapore-listed company announced Wednesday, focusing on serviced residences and lodging properties in developed Asian markets. 

CLI said it secured its first close with a commitment from European and Asian institutional investors. The real estate investment manager will hold a 20% sponsor stake in the fund, while the remaining 80% will go to third-party institutional investors.