Following CLI’s investor day, Aussie press carries story on CLI acquiring Wingate
In 2014, CapitaLand divested Australand Property Group, that was then snapped up by Frasers Property and has since been renamed Frasers Property Australia. Throughout the question-and-answer program, Miguel Ko, chairperson of CLI, stated that the choice to market Australand and invest even more in China was generated before his time.
During the course of its investor day on Nov 22, CapitaLand Investment’s (CLI) management said it is wanting to expand its organization in Australia.
CLI even stated it will invest approximately A$ 1 billion ($ 876.7 million) to grow funds under management (FUM) in Australia. In September, CLI finalized its Australian Credit Programme (ACP). ACP is CLI’s maiden credit fund at A$ 265 million, backed by Asian investors.
During the course of Nov 22, Lee Chee Koon, group chief executive officer of CLI, claimed: “For nonpublic credit we’ve constructed our own group and formed a partnership with teams from Wingate in Australia, originating and signing deals and there’s a whole lot of more pipeline we can build in Australia and Asia-Pacific.”
He added that the company “did not have a crystal ball, of course, about China’s situation nowadays” and did not wish to discuss his predecessors’ choices. During the time, China was growing and CapitaLand had a huge competitive advantage. “That could have been a major gain or an incorrect move. This is not a comment on whether my predecessors made a best or bad choice.”
The business recently disclosed that it had assigned 2 senior hires to newly established roles to enhance its talent bench and spearhead growth in its focus market. Angelo Scasserra will be the CEO of CLI Australia, and Rahul Bharara is going to be its main investment official. They are projected to partner with the business in 1H2025.
At the time, Lim Ming Yan, CapitaLand’s then-president and group chief executive officer, stated that the divestment came amidst “good” market conditions. Australand’s share rate additionally carried out highly in the past couple of months before the divestment. “This divestment would permit us to reallocate capital to our core firms in Singapore and China.”
CapitaLand sold its remaining 39.1% stake in Australand in March 2014 after partially divesting its stake in November 2013 to enhance trading assets.
It is insightful that on Nov 25, the Australian Financial Review ran a story saying that CLI planned to acquire Wingate.
