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CapitaLand Investment Limited (CLI) is expanding its presence in Australia by acquiring Wingate Group Holdings’ property and corporate credit investment management business for A$200 million ($173 million) plus an earn-out. Upon completion of this acquisition, CLI’s total funds under management (FUM) in Australia will increase by 30%, reaching A$8.3 billion, which accounts for approximately 7% of the company’s total FUM of $115 billion. CLI has set a goal to reach $200 billion in FUM by 2028 and is committed to investing up to A$1 billion in growing its FUM in Australia. This focus on Australia marks a shift in direction for CLI, as the previous board and management had divested its key assets in the country a decade ago to focus on the then-faster-growing China and other overseas markets.
Following CLI’s investor day, the Australian press reported on the company’s acquisition of Wingate, confirming previous rumors from last month. Wingate is a prominent and large private credit investment manager in Australia, with a track record of over 350 transactions worth more than A$20 billion. CLI is already familiar with Wingate, having announced the A$265 million Australia Credit Program in September in partnership with Wingate.
CLI sees Wingate as a valuable addition to its portfolio, as it will provide access to a wide range of institutional and high-net-worth investors and expand its deal origination network. CLI’s Group CFO, Paul Tham, says that while Australia is a key focus market for the company, there are also opportunities for scalable private credit in other Asia Pacific markets, particularly South Korea, India, and Japan. In April, the Australian private capital market grew by 33% in the last 18 months, with AUM reaching A$139 billion. A funding gap of A$146 billion for commercial mortgages is forecasted by 2028.
With the acquisition of Wingate, CLI will further diversify its portfolio, which currently comprises logistics, business parks, office, and lodging assets across nine cities in Australia. As of September, the company managed 34 logistics properties, four Grade A office buildings, and over 13,500 lodging units through its wholly-owned lodging business unit, The Ascott. CLI is also expanding its presence in Australia through other deals, such as winning the tender for Kallang Way and the recent adaptive reuse of an industrial site.