During a recent investor day, CapitaLand Investment’s (CLI) management announced plans to expand its business in Australia. As part of this expansion, the company has appointed two senior hires to new roles and plans to invest up to A$1 billion in growing its funds under management (FUM) in the country. Angelo Scasserra will serve as the CEO of CLI Australia, while Rahul Bharara will take on the role of chief investment officer, with both expected to join the company in the first half of 2025.
CLI also shared that in September, it closed its Australian Credit Programme (ACP) – a credit fund of A$265 million backed by Asian investors. The company’s CEO, Lee Chee Koon, highlighted the potential for growth in Australia and the Asia-Pacific region through its partnership with Wingate, an Australian firm, for originating and underwriting deals.
Further supporting this expansion, the Australian Financial Review ran a story on November 25, reporting that CLI had plans to acquire Wingate. This move would mark a significant milestone for the company, as CapitaLand previously divested its stake in Australand Property Group in 2014.
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During the Q&A session, CLI’s chairman, Miguel Ko, was asked about the decision to sell Australand and invest more in China, to which he responded that the decision was made before his time and declined to comment on his predecessors’ choices. Lim Ming Yan, the company’s then-president and group CEO, had previously stated that the divestment was made during favorable market conditions, with Australand’s share price performing strongly in the months leading up to the sale. He also noted that the divestment would allow the company to reallocate capital to its core businesses in Singapore and China.
Overall, CLI’s decision to expand its business in Australia, coupled with its previous divestment, reflects the company’s willingness to adapt and take risks in order to stay ahead in a competitive market. With the recent hires and planned investments, CLI is well-positioned for growth and to continue expanding its assets under management.