CapitaLand Investment shares debut at S$2.95 on the Singapore Exchange

REAL estate investment manager CapitaLand Investment (CLI) on Monday made its trading debut at S$2.95 on the Singapore Exchange (SGX) under the trading name CapitaLandInvest and stock code, 9CI.

CapitaLandInvest 9CI takes over from CapitaLand Limited, which on Sept 9 ceased trading at S$4.00 and will delist from the SGX on Tuesday, 9am.

For every 100 CapitaLand shares owned, shareholders received 100 shares of CLI, S$95.10 in cash and 15.5 units of CapitaLand Integrated Commercial Trust. The total implied consideration was S$4.102 per share, with CLI shares valued at S$2.823 each.

CLI's listing comes after CapitaLand Limited restructured business to form two distinct entities - CLI, the listed real estate investment management business; and CapitaLand Development, the privatised property development arm.

The former had about S$119 billion of real estate assets under management as at 30 June 2021, of which more than 80 per cent are located in Asia.

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Its real estate funds under management stood at about S$83 billion, spanning six listed real estate investment trusts and business trusts and over 20 private funds.

"Today's listing of CLI marks yet another milestone in CapitaLand's transformation journey. We remain unwavering in our focus to create long-term shareholder value and enhance our global competitiveness. The ride ahead for CLI is an exciting one, filled with opportunities and potential as more global capital flows into Asia and the market increasingly appreciates the value of Asia-based real estate investment managers," said CLI chairman Miguel Koh in a press statement filed on Monday, before the market opened.

He continued: "While challenges are inevitable, we are confident that the indomitable winning mindset of the ONE CapitaLand ecosystem will set us apart from all our peers. We will continually innovate and thrive amidst adversities, as seen in how we have persevered to complete this major restructuring during and in spite of Covid-19."

Mr Koh added that CLI's board and management intend to continue the company's "journey of proactively enhancing (its) already-strong foundation" in real estate investment and management.

The company's newly assembled leadership council includes Lee Chee Koon, who spearheads CLI as group chief executive and executive non-independent director; group chief financial officer Andrew Lim; and Manohar Khiatani as CLI's senior executive director.

Two new additions to the leadership council were announced at CLI's listing ceremony on Monday morning. With effect from end-November 2021, Simon Treacy and Patrick Boocock will be assuming chief executive roles of private equity real estate and private equity alternative assets, respectively. Each brings with him at least 20 years of track record in real estate as well as extensive experience living and working in Asia for leading real estate investment managers, said CLI in its press statement. 

Mr Treacy was formerly managing director, global chief investment officer and head of US equity for BlackRock Real Estate. As CLI's chief executive of private equity real estate, he will be responsible for driving the growth of the company's private equity real estate business. 

Mr Boocock will be in charge of building and growing the company's private fund business in alternative assets to expand its unlisted fund portfolios. He was previously managing partner and head of Asia at Brookfield Asset Management. 

READ MORE: 

• Sending off C31: A timeline of CapitaLand

• CapitaLand shareholders vote in favour of restructuring plan

• CapitaLand Investment may pave way for other real estate investment managers to list on SGX

• CapitaLand's morphing into CLIM could provide a template for others

• CapitaLand shareholders to hold shares in new investment and lodging entity