Singapore-based real estate firm CapitaLand has created a private equity fund management business and roped in former HSBC real estate finance head James Lim to head it.
According to media reports last week, CapitaLand will consolidate its private equity real estate funds into one unit, CapitaLand Investment Management.
Lim, according to his LinkedIn profile, is currently on a gardening leave, a common term used for when an employee is between jobs and the previous employer does not want the employee to access confidential information in the duration of a notice period.
A media report said that Lim will take on the leadership role at CapitaLand on November 1 and will report to president and group chief executive Lim Ming Yan.
At HSBC, Lim was the Managing Director and head of real estate finance for Asia Pacific and was based in Hong Kong. He joined the organisation in 2014. He has previously worked at BNP Paribas as the Managing Director, Head of Real Estate Finance, Asia Pacific in Hong Kong from 2011 to 2014.
With a target to launch six new funds with total assets under management (AUM) of up to S$10 billion by 2020, CapitaLand is working to further grow its fund management business and pursue market opportunities with a stable of blue chip capital partners.
In 2015, CapitaLand Limited’s wholly owned serviced residence business unit, The Ascott Limited entered into a 50:50 joint venture with Qatar Investment Authority (QIA) to set up a $600 million serviced residence fund with an initial focus on the Asia Pacific and Europe regions.
Further, in August this year, the firm set up its first private equity fund in Vietnam closing at $300 million with a lifespan of eight years. The fund will invest in Grade A commercial real estate in Vietnam.