CapitaLand Investment (CLI) reported a 16% YoY growth in revenue to S$598mn (429mn) for Q1 2022, driven by strong growth in fee-related earnings (FRE) from its fund and lodging management businesses. FRE for the fund management business increased 28% to S$132mn ($94.8mn) while FRE for the lodging management segment rose 31% to S$55mn ($39.5mn). It said that ‘capital recycled’ was at S$1.6bn ($1.15bn) YTD, for its capital management business and that more than half of its annual S$3bn ($2.2bn) capital recycling target was already met. Divestment and investment values predominantly were related to its 79, Robinson Road transaction which it divested to CapitaLand Integrated Commercial Trust and CapitaLand Open-End Real Estate Fund for S$1.3bn ($930mn). CLI’s real estate business rose 28% to S$400mn ($287.7mn) and the fee income segment rose 17% to S$262mn ($188.1mn). The company stated that its diversified portfolio benefitted from the significant reopening of the global economy and travel as more countries treated Covid19 as endemic. CLI said it raised around S$919mn ($659.9mn) in sustainability financing and listed funds YTD. For its India business, it witnessed an increase in physical use of business parks in Q1 as the government encouraged employees to return to office whilst leasing activities also picked up noticeably and construction work fully resumed.
CLI’s dollar bonds were higher with its 4.07% 2022s up 0.03 points to 100.51, yielding 2.57%.
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