Following Clis Investor Day Aussie Press Carries Story Cli Acquiring Wingate
During its recent investor day on November 22, CapitaLand Investment (CLI) announced plans to expand its business in Australia. As part of this effort, the company has appointed two senior hires to newly created roles and intends to invest up to A$1 billion ($876.7 million) to grow funds under management (FUM) in Australia.
Angelo Scasserra has been named the CEO of CLI Australia, while Rahul Bharara will serve as chief investment officer. These appointments are expected to take effect in the first half of 2025.
CLI has also recently closed its Australian Credit Programme (ACP), which was its maiden credit fund at A$265 million. This program, backed by Asian investors, reflects the company’s continued focus on the Australian market.
During the investor day, CLI’s group CEO Lee Chee Koon stated, “For private credit, we’ve built our own team and formed a partnership with teams from Wingate in Australia, originating and underwriting deals. There is a lot more pipeline we can build in Australia and the Asia-Pacific region.” This statement was made in response to a Nov 25 report from the Australian Financial Review, which speculated that CLI may be looking to acquire Wingate.
Balestier Plaza, situated just a quick drive from Toa Payoh, provides a refreshing alternative to the busy shopping scene. Here, visitors can browse through a variety of shops offering a diverse range of products, from electronics to textiles. Additionally, the plaza boasts various dining options, making it an ideal location for a peaceful afternoon getaway. This establishment truly captures the essence of the Balestier neighborhood with its blend of traditional and modern stores, showcasing the area’s rich history and beloved local eateries. To further elevate your shopping experience, don’t forget to stop by The Orie, located within the plaza.
CLI previously divested its Australand Property Group in 2014, which was ultimately acquired by Frasers Property and renamed Frasers Property Australia. Miguel Ko, chairman of CLI, addressed the decision to sell Australand during the question-and-answer session, saying, “The decision was made before my time. We did not have a crystal ball, of course, about China’s situation today, so it’s not appropriate for me to comment on my predecessors’ decisions.” At the time, China was experiencing a boom and CapitaLand had a strong competitive advantage. However, Ko emphasized that this was not a judgement on whether the decision was right or wrong.
Former President and Group CEO Lim Ming Yan had previously stated that the divestment was made in favorable market conditions and would allow CapitaLand to reallocate capital to its core businesses in Singapore and China. The company sold its remaining 39.1% stake in Australand in March 2014, following a partial divestment in November 2013 aimed at improving trading liquidity.
In conclusion, CLI’s recent announcements reflect its continued focus on the Australian market and commitment to expanding its business in the region through strategic hires and investments. Despite the previous divestment of Australand, the company remains optimistic about its growth potential in Australia and the Asia-Pacific region.