Singapore-based CapitaLand plans to double AUM in India to $5b by 2024

Photo: Reuters

Singapore-based real estate firm CapitaLand Ltd, which recently acquired property investment firm Ascendas-Singbridge, plans to double its asset under management in India to S$7 billion ( around $5bn) by 2024, said a top company executive.

Before the merger with Ascendas-Singbridge, CapitaLand has a presence in India through its lodging properties or service residences business. It currently has three operational and seven upcoming residences owned and managed by its lodging business unit under The Ascott Ltd.

Ascendas-Singbridge already has a strong presence in the commercial real estate segment in India with AUM of around $2.6 billion. The company owns a total 17.4 million sqft of space comprising information technology parks, industrial and logistics properties in Bengaluru, Chennai, Gurugram, Hyderabad, Mumbai and Pune.

The company, which completed the acquisition of Ascendas in June this year, had said that the transaction would create a group with a combined AUM above S$116 billion. Its asset classes will include logistics and business parks, industrial, lodging, commercial, retail and residential assets spanning 32 countries.

“With this merger what we add on is additional sector expertise. Before this, our business in India is in business parks. We added on logistics. Now potentially we can also add on retail and serviced apartments expertise. Maybe not at the immediate future but we clearly look into those opportunities as well, ” Jonathan Yap, president, CapitaLand Financial.

Apart from retail and residential asset classes, CapitaLand would also evaluate at co-living or shared accommodation space in the future. At present, the company operates around nine co-living properties around the world. “India would be a key market to try this concept but it would be opportunistic. We have been looking at it but the question is whether we can find the right asset at the right location,” Koon said.

Other than Ascendas-Singbridge, which is now part of the newly merged CapitaLand Group, some of the prominent Singapore investors who have gained a foothold in India include GIC Pte. Ltd, Xander, and more recently, Mapletree Investment Pte. Ltd.

This article was first published on livemint.com

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.