Singapore’s CapitaLand Investment Ltd has won a S$2.4 billion (US$1.88 billion) mandate to manage property assets for Income Insurance Ltd, a local insurer with over S$43 billion of assets under management.
CapitalLand Investment will manage a portfolio of retail, commercial and industrial assets held directly by the insurer, as well as its joint venture firms.
The real estate investment firm announced the mandate in a statement on April 24, saying that it will leverage its “deep portfolio management capabilities to enhance the performance of Income Insurance’s existing real estate assets in Singapore, while actively seeking and evaluating new investment opportunities for Income Insurance across the Asia Pacific region”.
“We believe in the symbiotic relationship between fund management and operating capability, and will continue to strategically invest into best-in-class operating platforms in the long-tailwind thematics of demographics, disruption and digitalisation,” according to Andrew Lim, the company’s group chief operating officer and chief executive officer for real estate, private funds.
Real estate is an important and strategic asset class in Income Insurance’s investment portfolio, says David Chua, the insurer’s chief investment officer.
“Tapping CapitaLand Investment’s portfolio and asset management expertise will enable Income Insurance to further enhance the value of our real estate portfolio and to achieve our long-term investment return objectives,” he says.
CapitaLand Investment managed S$117 billion of assets as of end-2024, the latest publicly available figure.
