Reuters: Private Equity: CapitaMalls sets up $1 bln China fund, sees fair value gain

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CapitaMalls sets up $1 bln China fund, sees fair value gain Jul 1st 2012, 23:51 SINGAPORE, July 2 | Sun Jul 1, 2012 7:51pm EDT SINGAPORE, July 2 (Reuters) - CapitaMalls Asia, the shopping malls arm of Singapore's CapitaLand Ltd, said on Monday it has set up a $1 billion closed-end private equity fund that will invest in Chinese malls. Outside investors will take up half the capital in the CapitaMalls China Development Fund III, while a CapitaMalls unit will subscribe for the remaining 50 percent. CapitaMalls will inject three seed assets worth about $594.8 million into the fund, realising gains of some S$71.8 million in the process. CapitaMalls expects to recognise a gain arising from the transaction of S$35.9 million and a fair value gain of S$35.9 million on its retained stake. (Reporting by Kevin Lim)

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