Following Clis Investor Day Aussie Press Carries Story Cli Acquiring Wingate
During its annual investor day, held on Nov 22, CapitaLand Investment’s (CLI) management revealed plans for expansion into Australia. The company recently announced that it had appointed two experienced executives to lead its operations in the country. Angelo Scasserra has been appointed as the CEO of CLI Australia, while Rahul Bharara will assume the role of chief investment officer. Both are expected to join the company in the first half of 2025.
CLI also announced plans to invest up to A$1 billion ($876.7 million) to grow its funds under management (FUM) in Australia. In September, the company closed its Australian Credit Programme (ACP), which was its first credit fund in the country valued at A$265 million and supported by Asian investors.
During the investor day, Lee Chee Koon, group CEO of CLI, discussed the company’s focus on private credit and its partnership with Wingate, an Australian team that helps originate and underwrite deals. He also mentioned that there is a lot of potential for growth in both Australia and the wider Asia-Pacific region.
Interestingly, on Nov 25, the Australian Financial Review published an article stating that CLI was planning to acquire Wingate.
In 2014, CapitaLand divested Australand Property Group, which was later acquired by Frasers Property and renamed Frasers Property Australia. During a question-and-answer session at the investor day, Miguel Ko, chairman of CLI, commented on the company’s decision to sell Australand and invest more in China. He stated that the decision was made before his time and that the company did not have a crystal ball to predict China’s current situation. He declined to comment on his predecessors’ actions, acknowledging that the decision may have been a major win or a mistake. He also mentioned that during this time, China was experiencing significant growth and CapitaLand had a competitive advantage. “This is not a comment on whether my predecessors made a right or wrong decision.”
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In 2014, Lim Ming Yan, CapitaLand’s then-president and group CEO, stated that the divestment of Australand was made in “favourable” market conditions. At the time, Australand’s share price was strong, making it an opportune time 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. The company’s latest transaction has increased its FUM to $113 billion, intensifying competition in the sector.
