Following Clis Investor Day Aussie Press Carries Story Cli Acquiring Wingate
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At its recent investor day, CapitaLand Investment (CLI) shared its plans to expand its business in the Australian market. To drive this growth, the company has appointed two new senior hires, Angelo Scasserra as CEO and Rahul Bharara as chief investment officer for its Australia division. They are set to join CLI in the first half of 2025.
In addition, CLI announced its intention to invest up to A$1 billion ($876.7 million) to increase its funds under management (FUM) in Australia. This move follows the successful closure of its maiden credit fund, ACP, in September, which was backed by Asian investors.
During the event, CLI’s group CEO Lee Chee Koon mentioned the company’s focus on private credit and its partnership with Wingate in Australia. He also highlighted the potential for future deals in the Asia-Pacific region.
Interestingly, on November 25, the Australian Financial Review ran a story claiming that CLI was in talks to acquire Wingate. This news comes six years after CapitaLand divested its Australand Property Group, now known as Frasers Property Australia, to Frasers Property in 2014.
During the question-and-answer session, CLI’s chairman Miguel Ko addressed the company’s decision to sell Australand and increase investments in China. He refrained from commenting on his predecessors’ decisions, stating that CapitaLand did not have a “crystal ball” to predict China’s current economic situation. He also mentioned that the decision was made during a time when China’s market was booming, and CapitaLand had a competitive advantage. He added that this could have been a “major win or a wrong move” and not a comment on the previous management’s judgment.
At the time of the divestment, Lim Ming Yan, the then-president and group CEO of CapitaLand, had cited “favourable” market conditions and strong performance of Australand’s share price as reasons for the decision. He had also stated that the sale would allow the company to reallocate capital to its core businesses in Singapore and China. In March 2014, CapitaLand sold its remaining 39.1% stake in Australand after partially divesting in November 2013 to improve trading liquidity.
With the recent transactions, CLI’s FUM has increased to $113 billion, intensifying the race among investment management firms.