CapitaLand hits home run with capital recycling; posts 4.4% rise in Q2 earnings

Singapore

HAVING achieved its annual capital recycling goal of S$3 billion half a year early, CapitaLand will continue to seek opportunities to unlock further value in its assets and reinvest the proceeds in new properties, its chief executive Lim Ming Yan said at the property developer's results briefing on Wednesday.

CapitaLand divested S$3.11 billion of assets including Twenty Anson and Sembawang Shopping Centre in the first half of this year, and reinvested S$1.8 billion in Pearl Bank Apartments and other projects in China, Germany and Vietnam. Its assets under management (AUM) rose to S$93.1 billion, putting it on track to achieve its target of S$100 billion in group-managed AUM by 2020.