Asia Digest: SRSG reaches first close of real estate vehicle; AM Green signs deal with Petronas, GICInvestors of the SRSG fund include family offices,…

Singapore-based investment firm SRSG has completed the first close of its Asia Pacific-focused industrial and logistic real estate fund, while India’s AM Green has inked a deal with Malaysia’s Petronas and Singapore’s GIC for green ammonia production.

Real estate fund APRIL1 targets 15% IRR

SRSG has hit the initial closing of its first real estate fund targeting industrial and logistic properties across the Asia Pacific, excluding Japan. 

Called Asia Pacific Real Estate Industrial & Logistics I (APRIL1), the fund is aiming to achieve a 15% internal rate of return on total assets under management of $300 million, according to a statement on Friday.  

Investors of the fund include family offices, private equity, and pension funds.

The fund will look for deals in logistics, food, medical, and multifamily sectors in APAC countries such as Indonesia, Singapore, South Korea, Thailand, and Vietnam while excluding a saturated market like Japan. 

“The initial capital raised will be deployed into two logistics facilities, both featuring pre-committed tenancies, maximising the potential for value creation,” the statement said. 

GIC, Gentari to invest in AM Green ammonia unit

AM Green, which is owned by Greenko Group founders Mahesh Kolli and Anil Kumar Chalamalasetty, has inked a deal for the production of green ammonia with Gentari, the green energy arm of Malaysia’s Petronas; as well as an affiliate company of Singapore’s state wealth fund GIC.

In an announcement on Monday, Greenko Group said that AM Green, Gentari, and GIC will be putting funds into a unit of AM Green, known as AM Green Ammonia Holdings, which will ultimately be producing the green ammonia.

The target is to produce 5 million tonnes per annum (MTPA) of green ammonia across multiple locations in India by 2030, which will be sold both in the Indian market as well as exported to “key” OECD markets, such as GermanyJapanSouth Korea, and Singapore. Exports are expected to begin in late 2025.

Mint reported on Monday, based on anonymous sources, that Gentari is investing $1.5 billion for a 30% stake in AM Green Ammonia Holdings, valuing the company at $5 billion.

Meanwhile, GIC, which is already a shareholder in Greenko Group, will reportedly be investing $250 million into the upcoming green ammonia producer.

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