CapitaLand Investment (CLI) has announced its plans to expand its business in Australia during its investor day on November 22. In light of this, the company has appointed Angelo Scasserra as the CEO of CLI Australia and Rahul Bharara as its chief investment officer. These senior hires will join the company in the first half of 2025 to spearhead growth in the focus market.
Furthermore, CLI has earmarked A$1 billion ($876.7 million) to invest in Australia and increase its funds under management (FUM). In September, the company closed its Australian Credit Programme (ACP) with a capital of A$265 million. This maiden credit fund, backed by Asian investors, further solidifies CLI’s presence in Australia.
During the investor day, Lee Chee Koon, the group CEO of CLI, highlighted the company’s focus on private credit and its partnership with Wingate in Australia. He also mentioned the potential for growth in Australia and the wider Asia-Pacific region.
Interestingly, on November 25, the Australian Financial Review reported that CLI was planning to acquire Wingate. This move comes six years after CapitaLand divested its stake in Australand Property Group, which was later renamed Frasers Property Australia after being acquired by Frasers Property.
During the question-and-answer session, Miguel Ko, the chairman of CLI, addressed the decision to sell Australand and invest more in China, stating that it was made before his time. He also refrained from commenting on the decisions of his predecessors, stating that they “did not have a crystal ball” for the current situation in China.
In 2014, Lim Ming Yan, CapitaLand’s then-president and group CEO, announced the divestment of Australand amid “favourable” market conditions. This move was also intended to reallocate capital to the company’s core businesses 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 improve trading liquidity.
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The recent appointment of senior hires and plans for expansion in Australia further solidify CLI’s commitment to the market and its goal of increasing its FUM to $113 billion.