CapitaLand Investment to manage Income Insurance’s S$2.4 billion real estate investment portfolio

[SINGAPORE] CapitaLand Investment ( CLI ) has won a S$2.4 billion real estate investment mandate from Income Insurance.

Under the mandate, CLI will manage Income Insurance’s direct real estate portfolio, comprising retail, commercial and industrial assets held directly by the insurer and through its joint ventures.

CLI said that it would use its portfolio-management capabilities to “enhance the performance of Income Insurance’s existing real estate assets in Singapore... while actively seeking and evaluating new investment opportunities for Income Insurance across the Asia-Pacific region”.

Including the new investment mandate, CLI has completed “over S$12.1 billion” in Singapore deals in the past 16 months.

It added that it “continues to invest in its home market, Singapore, as it pursues capital recycling across multiple asset classes to drive higher returns for investors”.

This includes the recent divestment of Asia Square Tower 2 for S$2.5 billion by CapitaLand Integrated Commercial Trust , and the acquisition of Paragon for S$3.9 billion.

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It also includes the joint acquisition of business space property Ascent by CapitaLand Ascendas Reit and a global sovereign wealth fund, for a total consideration of S$490 million.

CLI said that, beyond driving fee-related revenue, these transactions also “demonstrate CLI’s scale, network and proven ability to connect leading global institutional investors with high-quality investment opportunities in Singapore”.

Shares of CLI fell 1.7 per cent or S$0.05 to close at S$2.85 on Thursday, before the news.