CapitaLand Investment’s 9M revenue dips 25.5% to S$1.6 billion after CLAS deconsolidation
[SINGAPORE] CapitaLand Investment reported a 25.5 per cent plunge in total revenue to about S$1.6 billion for the first nine months of 2025, from S$2.1 billion in the year-ago period, on the back of the deconsolidation of lodging trust CapitaLand Ascott Trust (Clas) .
The asset manager reported in an update filed to the Singapore Exchange on Thursday (Nov 6) that fee-related revenue improved to S$882 million from S$845 million, boosted by higher event-driven fees from listed funds and contributions from new funds.
Revenue from real estate investment, on the other hand, slid 12 per cent to S$753 million due to the deconsolidation of Clas and divested assets.
Equity totalling S$3.7 billion was raised by listed and private funds for the year to Nov 5, CapitaLand Investment said.
Specifically, private funds raised about S$2.1 billion, with continued interests in regional thematic and country-focused funds. Listed funds raised S$1.6 billion to fund strategic acquisitions and debt repayments.
The asset manager also monetised S$2.2 billion through portfolio optimisation and value unlocking during the approximately 10-month period.
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Funds under management were S$120 billion as at Nov 5, against S$117 billion as at the end of FY2024.
The composition of funds under management by country remained stable relative to FY2024, with the lion’s share or 40 per cent of funds being in South-east Asia.
By asset class, the proportions of funds also remained stable; nearly a quarter (24 per cent) of the funds were invested in the retail sector.
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Net debt/equity was 0.43x, interest coverage ratio 3.8x, and there was S$6.4 billion in debt headroom as at end-September.
Insurance and pension funds were the top two investors of the private funds, making up 32 per cent and 20 per cent, respectively, as at end-September. Slightly over 60 per cent of the investors were based in the Asia-Pacific.
CapitaLand Investment shares were unchanged at S$2.65 on Thursday, before this update was published.
