CapitaLand Investment Secures S\$2.4 Billion Real Estate Mandate from Income Insurance, Strengthens Singapore Deal Momentum

Key Highlights

• CapitaLand Investment Limited (CLI) awarded mandate to manage Income Insurance’s direct real estate portfolio, valued at S\$2.4 billion.
• CLI’s deal momentum: Over S\$12.1 billion in Singapore real estate transactions in 2025 and year-to-date 2026.
• Significant transactions: Joint acquisition of Ascent (S\$490 million), divestment of Asia Square Tower 2 (S\$2.5 billion), and acquisition of Paragon (S\$3.9 billion).
• CLI’s portfolio: CLI owns/manages about 200 properties across multiple asset classes in Singapore.
• Strategic partnership: CLI to enhance Income Insurance’s portfolio performance and seek new investment opportunities across Asia Pacific.
• Singapore market outlook: Capital inflow expected to continue; Singapore remains a top global wealth hub and safe harbour.

In-Depth Report

CapitaLand Investment Limited (CLI), a leading global real asset manager headquartered in Singapore, has secured a major investment mandate from Income Insurance Limited. CLI will now manage Income Insurance’s direct real estate portfolio, which comprises retail, commercial, and industrial assets both directly held and through joint ventures.

This mandate is a strategic win for CLI, reinforcing its status as an asset manager of choice and reflecting sustained confidence from capital partners in CLI’s investment and operating capabilities. CLI will leverage its deep portfolio management expertise to maximize the performance of Income Insurance’s assets in Singapore and will actively pursue new investment opportunities across the Asia Pacific.

The announcement comes amid CLI’s robust deal momentum in Singapore, with over S\$12.1 billion worth of transactions in 2025 and year-to-date 2026. Noteworthy deals include:

• Joint acquisition of Ascent, a premium business space property, by CapitaLand Ascendas REIT (CLAR) and a global sovereign wealth fund for S\$490 million.
• Divestment of Asia Square Tower 2 by CapitaLand Integrated Commercial Trust (CICT) for S\$2.5 billion.
• Acquisition of Paragon by CICT for S\$3.9 billion.

These transactions drive fee-related revenue for CLI and demonstrate its ability to connect institutional investors with high-quality opportunities in Singapore’s real estate market.

Management Commentary

Andrew Lim, Group Chief Operating Officer and CEO, Real Estate, Private Funds, emphasized the symbiotic relationship between fund management and operating capability. He highlighted CLI’s strategic investments in platforms focused on Demographics, Disruption, and Digitalisation, complemented by CapitaLand Development’s expertise. Lim expressed confidence in CLI’s ability to originate, execute, and scale investment opportunities across market cycles in Singapore and the region.

David Chua, Chief Investment Officer, Income Insurance, noted that real estate is a crucial asset class for Income Insurance. He expressed confidence in CLI’s platform breadth, scale, and network, expecting the partnership to enhance portfolio value and achieve long-term return objectives for policyholders and shareholders.

Detailed Transaction List (YTD 2026)

• 8 Jan 2026: CapitaLand SEA Logistics Fund commits S\$260 million for automated logistics facility OMEGA 1 Singapore in Jurong Industrial Estate.
• 14 Jan 2026: CICT, CLD, and UOL consortium awarded tender for Hougang Central Government Land Sales site (~S\$1.5 billion). CICT will own the commercial component.
• 30 Jan 2026: CLI partners with The Elegant Group for Clementi Mall advisory and acquires minority interest.
• 27 Feb 2026: CICT completes divestment of Bukit Panjang Plaza for S\$428 million, part of portfolio reconstitution for capital redeployment.
• 23 Mar 2026: CLAR and global SWF acquire Ascent (S\$490 million).
• 24 Mar 2026: CLAR acquires 25 Loyang Crescent, a logistics and industrial cluster (S\$504.2 million).
• 20 Apr 2026: CICT to divest Asia Square Tower 2 (S\$2.5 billion) and acquire Paragon (S\$3.9 billion).

Strategic Implications for Shareholders

Price Sensitivity: The S\$2.4 billion mandate from Income Insurance is a significant addition to CLI’s assets under management and is likely to increase fee-related revenues. The continued deal momentum and high-value transactions (such as Asia Square Tower 2 divestment and Paragon acquisition) reinforce CLI’s ability to recycle capital and drive higher returns, which could positively impact share value.

Portfolio Diversification: CLI’s expanding portfolio across retail, office, lodging, logistics, business parks, wellness, self-storage, and data centres ensures diversification and resilience, aligning with flight-to-quality trends among investors and positioning CLI for future growth.

Market Outlook: Singapore’s status as a stable, well-regulated wealth hub, with top-tier foreign direct investment inflows, supports CLI’s growth trajectory and attractiveness for global investors.

Company Overview

CLI, listed in Singapore since 2021, manages S\$125 billion funds as of 31 December 2025. It holds stakes in eight listed REITs and business trusts and runs a suite of private real asset vehicles. CLI’s investment strategies are themed around demographics, disruption, and digitalisation, with asset classes spanning retail, office, lodging, industrial, logistics, business parks, wellness, self-storage, data centres, and credit.

CLI aims to scale its fund management, commercial management, and lodging management businesses globally, maintaining effective capital management. As CapitaLand Group’s investment management arm, CLI has access to CapitaLand Development’s pipeline.

The company is committed to responsible growth, delivering long-term economic value, and contributing to environmental and social well-being.

Investor Contacts

• Grace Chia – Group Head, Investor Relations & Communications (Tel: +65 6713 2880, Email: [email protected])
• Ngeow Shang Lin – Director, Communications, Group Investor Relations & Communications (Tel: +65 6713 2860, Email: [email protected])

Conclusion

The S\$2.4 billion mandate awarded to CLI by Income Insurance, alongside the S\$12.1 billion deal momentum and several high-value transactions in Singapore, are material developments that may positively affect CLI’s share value. Investors should monitor subsequent earnings disclosures for revenue and profit impacts from these new mandates and portfolio transactions.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or an offer to buy or sell any securities. Investors should conduct their own due diligence and consult their financial advisors before making investment decisions. The information herein is based on company disclosures and may be subject to change.

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