Cross-border investment funds team advised on the establishment of CapitaLand Wellness Fund

Global law firm Norton Rose Fulbright advised on the establishment and the first close of CapitaLand Wellness Fund being a Singapore limited partnership fund, announced by one of Thailand’s largest real estate developer, Pruska Holding Public Company Limited (“Pruska”) and CapitaLand Investment Limited, one of Singapore’s largest listed asset managers, on 31 October 2023.

The parties jointly committed an initial equity investment of S$350m towards the wellness and healthcare-related real estate fund, which had a target equity size of S$500m, with an option to upsize to S$1bn in equity and target asset value of S$2.9bn when fully deployed.

The cross-jurisdiction team advising Pruksa on this investment was led by Bangkok counsel Teerin Vanikieti and Singapore counsel Petrus Huang. The team was also supported by senior associate Dexter Tan in Singapore.

Teerin commented: “We’re delighted to be advising Pruksa on their strategic investment in the region. This transaction demonstrates our cross-jurisdiction funds capability in supporting clients across the Southeast Asia region.”

Petrus commented: “Wellness and healthcare-related real estate has been increasingly popular, and we’re honored to be part of this transaction advising Pruska.”