Real estate manager CapitaLand Investment (CLI) on Monday marked its trading debut on the Singapore Exchange (SGX) with the stock hitting a peak of S$3.02 before settling at S$2.93, or 10.7 cents higher than its S$2.82 offer price.
The listing, which makes CLI one of the world’s largest listed real estate investment managers (REIMs), comes after CapitaLand Limited restructured its business to form two distinct entities.
The two entities are CLI, the listed real estate investment management business, and CapitaLand Development, the privatized property development arm, per the announcement.
CLI takes over from CapitaLand Limited, which suspended trading on September 9 and will be delisted on September 21, according to reports.
“The ride ahead for CLI 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 REIMs,” CLI chairman Miguel Ko said.
CLI had about S$119.0 billion of real estate assets under management (AUM) as of 30 June 2021, of which more than 80% are located in Asia.
Its real estate funds under management stood at about S$83 billion, held via six listed real estate investment trusts and business trusts, and over 20 private funds.
During the listing ceremony, CLI announced two additions to its leadership council, which will be headed by Lee Chee Koon as group CEO and executive non-independent director.
The two additions to the council are Simon Treacy, who will be CEO of private equity real estate, and Patrick Boocock, who will be CEO of private equity alternative assets. The appointments will take effect from end-November.
CLI’s leadership team is supported by over 260 investment and asset management specialists globally.
“The building and deepening of our management bench strength and capabilities will continue to play an instrumental role in CLI’s success going forward,” said Lee said.