CapitaLand Investment Limited (CLI) reported that profit after tax and minority interests for the six months ended Jun 30 rose 14% year-on-year to S$327 million, supported by a sharp increase in fee income from its listed and private fund platforms.
Group revenue slipped 2% YoY to S$1.018 billion, reflecting the absence of divestment contributions, while operating PATMI improved 13% to S$293 million. The company did not announce any interim dividend.
Fee-based businesses continued to underpin performance. Revenue from the Listed and Private Funds Management segment surged 48% YoY to S$316 million, accounting for almost one-third of group turnover. Within this, Listed Funds generated S$224 million in fees, up 45% YoY, buoyed by some S$10.6 billion of transactions, while Private Funds’ fee income climbed 59% to S$92 million, aided by the 2025 acquisition of real estate private-credit firm Wingate and S$1.4 billion of fresh capital raised year-to-date.
Total group divestments reached about S$5.0 billion, including sales of an industrial facility in Singapore, a business park in India, a retail asset in China and various REIT disposals. Management said the lighter contribution from divestments explained the small decline in group revenue despite stronger recurring fees.
CLI is reorganising its holdings into “Core” and “Non-Core” businesses. The Core unit will focus on expanding the dual engines of Listed and Private Funds while deepening commercial and lodging operations. Non-Core assets—comprising legacy funds, balance-sheet stakes and non-strategic holdings—represent S$7 billion to S$9 billion of embedded value earmarked for accelerated recycling, with proceeds allocated to new growth opportunities or returned to shareholders.
The group also plans to extend its REIT franchise through accretive acquisitions and new vehicles across asset classes and geographies. Priority growth areas include commercial, living, self-storage and credit strategies, alongside a second China private REIT slated for launch in the second half of 2026, subject to market conditions.
Chief executive officer Lee Chee Koon said the first-half results underscored the momentum in fee-related earnings and validated CLI’s integrated real-asset platform. He noted that concentrating resources on scalable, high-return businesses while expediting the disposal of non-core assets should improve capital efficiency and support sustainable shareholder returns. Lee added that, although transaction volumes may normalise from the robust first-half levels, the group expects fund-management revenue to continue growing in FY 2026, backed by resilient recurring fees and strong institutional demand for Asia-Pacific real-estate strategies.