CapitaLand Investment (CLI), the developer behind the US$3.8bn Raffles Chongqing megaproject, has today made its trading debut on the Singapore stock exchange as one of the world’s largest listed real estate investment managers (REIMs).
The company has now split into public and private entities. The real estate investment management business has gone public with $88bn of assets under management, of which more than 80% are located in Asia. A second development company, CapitaLand Development, will remain private.
Miguel Ko, chairman of CLI, said: “The ride ahead is an exciting one, filled with opportunities and potential as more global capital flows into Asia and the market increasingly appreciates the value of Asia-based real estate investment managers.
“While challenges are inevitable, we are confident that the indomitable winning mindset of the ONE CapitaLand ecosystem will set us apart from all our peers. We will continually innovate and thrive amid adversities, as seen in how we have persevered to complete this major restructuring during and in spite of Covid-19.”
At this morning’s listing ceremony, CLI announced two additions to its leadership council. Simon Treacy and Patrick Boocock, whom it said would each bring extensive experience of living and working in Asia for leading REIMs.
It added that the leadership team was well supported by more than 260 investment and asset management specialists globally, “providing CLI with a competitive advantage in deal sourcing and origination, extensive local market insights as well as deal execution track record”.
CapitaLand’s Chongqing development is made up of six vertical and one “horizontal” skyscrapers, including two 350m-high apartment towers that are China’s tallest residential buildings.
Image: CapitaLand’s image of the “horizontal skyscraper” in Chongqing