Singapore’s real estate manager CapitaLand plans to double its funds under management (FUM) in India to 14.8 billion Singapore dollar ($11.3 billion) by 2028, it said. This will contribute to its global target of achieving 200 billion Singapore dollar ($153 billion) in FUM over the four-year period.
CapitaLand, which celebrates its 30th anniversary in India, has investments in IT parks, logistics, lodging and data centres in the country, and is exploring deal opportunities in renewable energy and real estate private credit to grow and diversify its income streams, it said. While CapitaLand continues to bet on India, like other foreign investors, it remains concerned about taxation, capital repatriation and currency volatility.
CapitaLand CEO Lee Chee Koon said India is a strategic market and a key contributor to the Singaporean company’s overall business. “Our investments in India have tripled in the last seven years. Given our deep expertise in the country and the strong tailwinds, we are confident of more than doubling our current FUM of 7.4 billion Singapore dollar ($5.7 billion) in India by 2028.”
When CapitaLand acquired Ascendas - which pioneered the concept of business parks in India - from Temasek in 2019, the India business was 4% of its assets. This has now gone up to 7%.
