CapitaLand Investment H1 Profit Dips 13% After Asset Divestments

CapitaLand Investment’s attributable profit fell 13 percent year-on-year to S$287 million ($224.2 million) in the first half of 2025, as the bottom line took a hit from the absence of contributions from divested assets and lower fund performance at the Singaporean real asset manager.

Total revenue dipped 24 percent from a year earlier to S$1 billion, SGX-listed CapitaLand Investment said Thursday in a release. The Temasek-controlled firm attributed the slide to last December’s sale of a 4.9 percent stake in CapitaLand Ascott Trust, resulting in the lodging REIT’s reclassification as an associate rather than a subsidiary of the group.

Revenue from fee-related business crept up 1 percent year-on-year to S$564 million on the back of new private funds and management contracts. Chairman Miguel Koh said the firm remained committed to growing into a globally competitive investment management platform.

“We will focus on investing for growth in markets underpinned by long-term structural drivers and demand, accelerating capital deployment in Australia, India, Japan and Korea,” Koh said. “In parallel, we are optimising our exposure in China through active asset repositioning and disciplined capital recycling, as part of our strategy to diversify and grow our global footprint and create sustainable long-term value for our investors and stakeholders.”

Quiet Period

CapitaLand Investment said operating profit fell 12 percent year-on-year in the first half to S$260 million, with fee-related business contributing 60 percent of the total.

The firm completed its acquisition of Melbourne-based fund manager Wingate Group in June as part of efforts to expand into private credit in Australia. CapitaLand Investment is also exploring growth opportunities with SC Capital Partners after acquiring a 40 percent stake in the Singaporean fund manager in March.

“We are strengthening our funds platforms and continuously sourcing for attractive deals in sectors such as living and lodging, logistics and self-storage, as we see these sectors as having strong tailwinds in line with global megatrends,” said CEO Lee Chee Koon.

CapitaLand Investment underscored its resilience during a “quiet” first half after divestments totalled S$5.5 billion last year. The 2024 disposals were led by the sale of the firm’s half-stake in the ION Orchard luxury mall in Singapore’s premier shopping strip to CapitaLand Integrated Commercial Trust for S$1.85 billion.

Blackstone Vet Hired

Also Thursday, CapitaLand Investment announced the hiring of Blackstone veteran Kishore Moorjani as the firm’s CEO of alternatives on the private funds team.

Moorjani served as senior managing director at the Manhattan-based private equity titan from 2012 to 2021, leading the Asia operations for Blackstone’s tactical opportunities group and driving investments across various sectors in key Asia Pacific markets.

Those investments included a S$367 million bet on a profit participation scheme linked to the Quayside Collection mixed-use development in Singapore’s Sentosa Cove. Blackstone retained the rights to cash flows from the residential portion of the project for nearly a decade before selling its interest to asset management goliath BlackRock in late 2023.

Moorjani retired from Blackstone and founded LXA, a mortgage asset management technology business. Upon joining CapitaLand Investment later this year, he will spearhead and expand the private credit and special opportunities businesses, the firm said.