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
[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).
