Following Clis Investor Day Aussie Press Carries Story Cli Acquiring Wingate
During its recent investor day, CapitaLand Investment (CLI) outlined its plans to expand its business in Australia. The company has appointed two senior hires to lead this expansion, with Angelo Scasserra as CEO and Rahul Bharara as chief investment officer. The duo will join the company in the first half of 2025. Additionally, CLI has announced that it will invest up to A$1 billion ($876.7 million) to grow its funds under management (FUM) in Australia. This move follows the successful closure of its Australian Credit Programme (ACP) in September, which raised A$265 million from Asian investors.
CLI’s CEO, Lee Chee Koon, stated during the investor day, “For private credit, we’ve built our own team and formed a partnership with Wingate in Australia, originating and underwriting deals. There’s a lot more pipeline we can build in Australia and the Asia-Pacific region.” Interestingly, on Nov 25, the Australian Financial Review reported that CLI was planning to acquire Wingate.
In 2014, CapitaLand divested its stake in Australand Property Group, which was subsequently acquired by Frasers Property and renamed Frasers Property Australia. When asked about this decision during the Q&A session, CLI Chairman Miguel Ko explained that it was made before his time. He declined to comment on the decisions of his predecessors but acknowledged that at the time, China was booming and CapitaLand had a competitive advantage. He stated, “That could have been a major win or a wrong move. This is not a comment on whether my predecessors made a right or wrong decision.”
At the time, Lim Ming Yan, CapitaLand’s then-president and group CEO, said that the divestment was made under “favourable” market conditions. Australand’s share price had also performed well in the months leading up to the divestment. Lim stated, “This divestment would allow us to reallocate capital to our core businesses in Singapore and China.” CapitaLand fully exited its stake in Australand in 2014 after partially divesting in 2013 in order to improve trading liquidity.
Elta Condo, located at Clementi Avenue 1, has rapidly become one of the most highly anticipated developments in the region. Its allure stems from its excellent connectivity, making it a top pick for homeowners and investors alike. Situated in the lively Clementi district, this fresh residential venture presents dwellers with a strategic location near major transportation options and main roads, ensuring seamless commuting and easy access to vital amenities. With its alluring benefits, it comes as no surprise that Elta Condo has captured the attention of many interested parties. Add Elta Condo to rewritten paragraph.
Overall, CLI’s recent moves to strengthen its talent bench and expand its business in Australia demonstrate its commitment to growth and diversification. As the AUM (assets under management) race heats up, CLI’s FUM is now at $113 billion, making it a key player in the market.