CapitaLand Investment (CLI) 9CI has made two key appointments for its operations in Japan and China to accelerate its growth in the two markets.
Hideto Yamada has been appointed as managing director for CLI Japan effective April 17, while Kara Wang has been appointed chief investment officer for CLI China effective May 5.
Yamada will succeed Tan Lai Seng, who will relinquish his position and be appointed as advisor to CLI Japan. Yamada’s principal priorities will be to further develop CLI’s partnership with its onshore capital partners, actively grow CLI’s funds under management (FUM) for its private, public and lodging funds, as well as to identify strategic merger and acquisition opportunities.
Prior to this, Yamada was the head of global real estate and co-head of private investment markets at Japan’s Government Pension Investment Fund — one of the world’s largest institutional investors and pension funds. During his tenure, he formed various investment platforms with third party managers and built a US$7 billion ($9.33 billion) global portfolio.
CLI currently has over 50 properties across nine cities in Japan. It had earlier announced a forward purchase agreement to acquire six multifamily assets in Central Osaka at a purchase price of $142 million for its flagship regional core-plus fund, CapitaLand Open End Real Estate Fund.
Meanwhile, Wang will spearhead direct investments for CLI China’s onshore and offshore fund products to deliver sustainable FUM growth, develop the group’s onshore capital markets capabilities, as well as drive inorganic platform acquisitions.
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Wang will also be CLI’s country representative for Hong Kong, tasked to expand CLI’s network of business and capital partners in the Special Administrative Region.
She joins CLI from Citibank, where she was managing director and Asia co-head of real estate and lodging. At Citibank, Wang rebuilt the bank’s Greater China real estate investment banking franchise and returned it to a leading position in China’s real estate equity league table.
In China, CLI has a portfolio of more than 200 properties across 40 cities, with total assets under management of $47 billion.
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On Feb 23, CLI established the CapitaLand China Opportunistic Partners Programme (CCOP) with a total of $1.1 billion equity committed to invest in special situation opportunities in China. The company has secured $892 million from global institutional investors which hold 80% stake in the programme, while CLI holds the remaining 20% stake.
The CCOP Programme comprises a $291 million single-asset fund and a $824 million programmatic joint venture. The single-asset fund has acquired Beijing Suning Life Plaza, an integrated development comprising office and retail components in Beijing’s central business district.
The programmatic joint venture will invest in special situation opportunities in China within the commercial and new economy real estate sectors and has acquired a logistics development in Foshan, Guangdong.
CLI had also established a China data centre development fund on Feb 22 dubbed CapitaLand China Data Centre Partners (CDCP). CDCP has committed to invest in two hyperscale data centre development projects in Greater Beijing, and upon completion of the projects, will add approximately $1 billion to CLI’s FUM.
The total equity committed to CDCP is $530 million, with existing and new global institutional investor clients holding an 80% effective stake in CDCP and CLI holding the remaining 20%.
As at 3.55pm, shares in CLI are trading 7 cents higher or 1.9% up at $3.75.
