Singapore general insurer Income Insurance has appointed CapitaLand Investment Limited (CLI) to manage its S$2.4bn (1.6bn) domestic direct real estate portfolio of retail, commercial and industrial assets.
David Chua, CIO, Income Insurance, said: “We are pleased to partner with a strong trusted partner like CLI for our Singapore real estate portfolio. Their platform breadth, scale and extensive network within Singapore’s real estate market stands out.
“Tapping CLI’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.”
Andrew Lim, group chief operating officer and CEO, real estate, private funds at CLI, said: “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, complemented by CapitaLand Development’s expertise.
“We are confident that this will position us to continue to successfully originate, execute and scale across market cycles in Singapore and the region.”
To read the latest IPE Real Assets magazine click here.
