CapitaLand

It's not necessarily higher distribution per unit because some of the REITs have raised equity, have had rights issues, so they have increased the number of units.

But overall, operating-wise, the stronger REITs, the bigger names like from Maple Tree, Capital, Capital Land, they've all generally been able to maintain and increase their distributable income.

So, you know, in fact, I think it's opportunity for investors in REITs to, you know, if you haven't started a position or if you want to add to your position, it's a good time to add and get a higher yield and benefit from the sort of higher yields in the market right now.

How about underperforming REITs? Because investors are wondering, should I hold? Should I buy more because it's fallen in value? Or should I sell?

Speaking at the launch of the annual SkillsFuture Festival, Mr Wong says the changes are being rolled out through the newly merged SkillsFuture Workforce Development Agency.

Office workers in the heart of Singapore's CBD can now access mental and physical wellness services at a new one-stop centre by Touch Community Services and Capitaland.

Called Touchpoint at Capital Tower, it offers counselling for stress, anxiety, workplace and relationship challenges, as well as mindfulness sessions and psychological assessments.

The wellness centre also provides physiotherapy with workshops on topics including stress management and caregiving.

So we were fortunate.

We actually, we had a, we had a relationship with, uh, Capital Land out of Singapore.

Um, and we brought their money down to Australia to finance a couple of senior positions in Melbourne, two, two fairly significant apartment projects in Melbourne, but That got us into market and Capital Land were being entirely opportunistic at the time.

As I said, the market was starved of capital.

They had the balance sheet to write big checks where nobody else did.

So yeah.

As I said, that got us started as an arranger.

We were also asset manager for Capital Land, but that part of the

And then I got brought to Singapore.

to work with a portfolio that a private equity had bought into a big portfolio from Capital Land.

And we had to turn it around from where it was going to where they wanted it to go.

And we did that.

Co-location may be slightly more complex, but its potential for even higher returns is also going to have obvious benefits.

Thomas there is mainly talking about the US, so how does it look on the other side of the map, over in Asia-Pacific? Here's Capitaland's Dev Gupta, who runs the private funds business for the data centre section of his firm, and who we last heard from in episode 2.

Build costs in places like India, Southeast Asia, are typically in the $7 million per megawatt range.

They go up to about $14, $15 in Australia, and they go up to about $17 to $20 million in Japan, Japan becoming the highest cost market.

In May, Blackstone held an IPO for Blackstone Digital Infrastructure Trust, a publicly listed REIT, raising $1.75 billion to buy data centres, with a focus on hyperscale tenants.

The world's largest alternative asset manager said it had already identified a $25 billion pipeline of potential acquisitions at IPO, with a $1 trillion total addressable market over five years.

Let's hear from Capitalands Gupta one more time on how he sees the exit picture.

It's going to be always a mix of various options, whether it's an IPO or it's an asset by asset sale, or it's a recapitalization of a portfolio.

Capital and investment is seeking to raise half a billion U.S. dollars for its third Asia-Pacific private equity fund, according to Bloomberg.

Capital Land is targeting mainly existing investors and hopes to achieve a first close by the end of the year.

The new fund will continue to focus on senior secured loans backed by assets, following two earlier credit programs that invested in property and real estate financing across the region.

The fundraising comes as Asia's private equity industry faces growing scrutiny over the risks of property-backed lending.