- CapitaLand Investment (SGX:9CI)’s 1Q revenue was largely steady at S$496m, -1.8% y-o-y, running below MIBG’s full-year estimates.
- Growth in listed fund fees and contributions from the acquisition of private fund platforms offset the impact of divestments in the real estate investment business. Listed funds led fund raising and deployment activities, while the build-out of the private fund business continued at a measured pace.
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Relatively steady performance helped by acquisitions
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- Growth in fee-related business was led by fees from the listed fund management platform (+14.5) and the private funds platform (+57.7%). Growth in the private fund business was mostly inorganic, driven by Wingate. FUM were S$125.5b, stable q-o-q. The fee rate was 51bps (1Q25 46bps, FY25 52bps).
- The decline in revenue from REIB was due divestments. Lodging and commercial management performance was steady with flat to low single-digit growth.
- All in, organic growth was a bit soft by our estimate; acquisitions helped support headline stability.
Expanding China recycling platform
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