Following CLI’s investor day, Aussie press carries story on CLI acquiring Wingate
CapitaLand sold off its lasting 39.1% stake in Australand in March 2014 after partly unloading its involvement in November 2013 to strengthen trading liquidity.
He added that the business “did not have a prediction, obviously, about China’s circumstance these days” and did not wish to discuss his predecessors’ decisions. At that time, China was growing and CapitaLand had a massive competitive advantage. “That could have been a major gain or an incorrect move. This is not a talk no matter if my predecessors made a best or wrong judgment.”
It is interesting that on Nov 25, the Australian Financial Review ran a story saying that CLI intended to acquire Wingate.
Throughout the course of Nov 22, Lee Chee Koon, group chief executive officer of CLI, said: “For exclusive credit we have actually built our own group and developed a partnership with teams from Wingate in Australia, coming from and supporting offers and there’s a lot of even more pipeline we can integrate in Australia and Asia-Pacific.”
In 2014, CapitaLand divested Australand Property Group, which was then snapped up by Frasers Property and has since been relabelled Frasers Property Australia. During the question-and-answer session, Miguel Ko, director of CLI, said that the choice to market Australand and invest even more in China was prepared just before his time.
During its investor day on Nov 22, CapitaLand Investment’s (CLI) management said it is seeking to expand its business in Australia.
The firm recently announced that it had appointed 2 top hires to recently created jobs to enhance its talent bench and spearhead progress in its target market. Angelo Scasserra will be the chief executive officer of CLI Australia, and Rahul Bharara will be its main investment officer. They are projected to sign up with the firm in 1H2025.
CLI additionally said it will invest as much as A$ 1 billion ($ 876.7 million) to grow funds under management (FUM) in Australia. In September, CLI shut its Australian Credit Program (ACP). ACP is CLI’s initial credit fund at A$ 265 million, backed by Asian capitalists.
At the time, Lim Ming Yan, CapitaLand’s then-president and group chief executive officer, stated that the divestment came amid “favourable” market conditions. Australand’s share cost likewise carried out highly in the past couple of months prior to the divestment. “This divestment would certainly allow us to reapportion capital to our core firms in Singapore and China.”
