PATRIZIA and Mitsui & Co., Ltd. have announced a strategic partnership with Kaer, committing up to $350m to expand Kaer’s Cooling as a Service (CaaS) business across Asia. This investment, made through the APAC Sustainable Infrastructure Fund (A-SIF), is set to accelerate the transition to low-carbon cooling solutions in high-growth Asian markets.
Kaer will use the funds to enhance its presence in Singapore, Malaysia, India, and Indonesia, whilst also entering new markets such as Thailand and Vietnam. The company, which experienced 30% growth in 2024 and anticipates a further 50% growth in 2025, aims to deliver low-carbon cooling to up to 100 million square feet of commercial real estate by 2028, potentially eliminating 120 million kilograms of carbon emissions.
Saji Anantakrishnan, Head of Infrastructure for Australia and Asia at PATRIZIA, highlighted the strategic nature of this investment, stating, “Kaer has built a market-leading business in an emerging sector that delivers both sustainability benefits and cost savings to customers.”
Kaer will maintain its current management structure, with A-SIF initially holding a minority stake. Justin Taylor, CEO of Kaer, remarked, “This partnership with PATRIZIA and Mitsui through A-SIF is a significant milestone for Kaer and the global Cooling as a Service movement.”
This investment underscores PATRIZIA’s commitment to sustainable infrastructure, following recent investments in renewable energy and urban mobility. The focus remains on infrastructure that enhances the built environment and integrates smart technologies.
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