CapitaLand partners Qatar Investment for US$600 million fund

[SINGAPORE] CapitaLand Ltd's serviced residence arm and Qatar Investment Authority will partner in a US$600 million fund as Southeast Asia's biggest developer boosts its fund management business.

The venture will initially focus on Asia Pacific and Europe, according to a statement on Monday. CapitaLand has a target to have six new funds with total assets under management of S$10 billion by 2020, it said.

"Fund management is central to the active capital management strategy of CapitaLand as a dominant real estate player," Lim Ming Yan, CapitaLand's president and chief executive, said in the statement.

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