CapitaLand Investment to restructure portfolio, recycle up to S$9 billion
It plans to monetise legacy, non-core balance-sheet assets; pare excess holdings in some Reits, private funds
Add BT as a preferred source
[SINGAPORE] CapitaLand Investment is undertaking a portfolio restructuring with up to S$9 billion of non-core and legacy assets earmarked for capital recycling, as it focuses on growing its listed and private funds businesses, and lightening its balance sheet.
“Since our 2021 transformation, we still have a fairly large balance sheet because a lot of it consists of legacy assets: joint venture funds and development funds created when CapitaLand was still a developer,” said group CEO Lee Chee Koon at an earnings briefing on Thursday (Aug 13).
The portfolio reorganisation will also see CLI reducing its “excess holdings” in some of its bigger real estate investment trusts (Reits), such as CapitaLand Integrated Commercial Trust (CICT), which holds a mix of prime office and retail assets, and the industrial-focused CapitaLand Ascendas Reit (Clar).
TRENDING NOW
How BYD disrupted Singapore’s car market – and why the strategy is turning on itself
MSCI drops S-E Asian heavyweights Sembcorp, GoTo and Ayala Land from global benchmarks
Orchard Boulevard, Marina Gardens Lane sites released for sale
Too little, too late? Manila’s billion-dollar bid to ignite its sputtering EV industry
