New Fund Launches and Growing AUM Are Key Growth Drivers for CapitaLand Investment

CapitaLand Investment, or CLI, is a real estate investment management company with two divisions in funds management and real estate investments. Post restructuring in 2021, the capital-heavy property development was privatized into CapitaLand Development, or CLD. In our view, the restructuring has unlocked value for shareholders with the company’s share price discount having narrowed toward our fair value. We believe CLI’s asset-light model is expected to see the group share price re-rate, in line with international peers. CLI’s footprint is mainly in Singapore and China, consisting close to 80% of funds under management. Property type is spread more evenly across retail, integrated development, office, lodging and new economy properties such as industrial and logistics, business parks, and data centers.