CapitaLand Investment’s revenue fell 3% year on year to S$1.5 billion in the first nine months of this year, as asset divestments reduced contributions from its real estate investment business.
In a business update released before the market opened on Wednesday (4 November), CapitaLand Investment said revenue from its real estate investment business continued to decline, falling 23% year on year to S$580 million in the first nine months. This was mainly because Synergy and the Dalian IT parks no longer contributed revenue, partly offset by income from One iPark.
Meanwhile, revenue from CapitaLand Investment’s fee-related business rose 15% year on year to S$1.035 billion, mainly driven by higher income from the group’s fund management business.
Listed fund management fee income reached S$336 million in the first nine months, up 30% year on year. Private fund management fee income rose 32% to S$133 million, mainly driven by higher contributions from private real estate investment manager SC Capital Partners and the credit business, among other factors.
Commercial management fees rose 8% year on year to S$304 million in the first nine months, mainly supported by positive leasing and operating momentum. Lodging management revenue increased 1% to S$262 million.
CapitaLand Investment said it remained active in capital raising, investment deployment and capital recycling despite continued market uncertainty.
From 1 January to 3 November, CapitaLand Investment’s listed and private funds raised about S$4.3 billion in equity capital. Over the same period, the group deployed about S$9.6 billion in investments and divested S$5.7 billion worth of assets.
CapitaLand Investment also said it planned to list CapitaLand Commercial C-REIT Ⅱ by the end of 2026 to further broaden its access to capital in China, subject to market conditions.
An earlier statement said CapitaLand Investment’s proposed second China real estate investment trust had received approval from the China Securities Regulatory Commission and would be registered and listed on the Shanghai Stock Exchange.
As of the end of September this year, CapitaLand Investment’s net debt-to-equity ratio was 0.46 times, slightly higher than 0.43 times at the end of 2025. Fixed-rate debt accounted for 71% of total debt, compared with 72% at the end of last year.
CapitaLand Investment’s annualised implied borrowing cost fell to 3.5% from 3.9% at the end of last year, while operating cash flow rose to S$721 million from S$646 million at the end of last year.
