CapitaLand has raised $528.3m (US$391.3m) for its first discretionary real estate equity fund CapitaLand Asia Partners I’s (CAP I) which closed after nine months since the fundraising commenced in July 2018, local media has reported.

CAP I will invest in value-add and transitional office buildings in Asia’s key gateway cities, specifically Singapore, Beijing, Guangzhou, Shanghai, Shenzhen, Osaka, and Tokyo.

The funds were received from institutional investors, including pension funds, insurance companies, and financial institutions from Asia and Europe.

Lee Chee Koon, CapitaLand’s president & group CEO, said: “Continual high demand for quality commercial properties in Asia’s key gateway cities, coupled with low supply, have made the renewal of aging commercial assets a compelling investment strategy in these markets.”

The establishment of CAP I comes on the heels of the first closing of CREDO I China, CapitaLand’s maiden discretionary real estate debt fund, in February 2019.