Singapore’s CapitaLand Investment (CLI) has successfully acquired Melbourne-based investment manager and real estate financier Wingate for A$200 million (about $127 million), according to an announcement.
The strategic acquisition, which came after about three months of negotiation, involved the property and corporate credit investment management business of Wingate, a 20-year-old firm with $1.6 billion in funds under management.
The acquisition price also includes an earn-out based on certain performance over a three-year period, per the announcement.
The deal, subject to regulatory approval, is anticipated to close in the coming months. CLI plans to retain Wingate’s current management and maintain its Australian identity.
Wingate has executed over 350 transactions involving A$20 billion in real estate value. The acquisition is expected to boost CLI’s funds under management by A$2.5 billion (S$2.2 billion), raising its total to S$115 billion.
“Wingate’s private credit capabilities complement CLI’s own private funds platform and will enable us to collaborate to create greater value for our capital partners in Australia and beyond,” said CLI Group chief financial officer Paul Tham.
CLI has been stepping up its presence in Australia. In November 2024, the company announced that it appointed two senior hires into newly created roles to strengthen CLI’s talent bench and spearhead growth in Australia.
In September, it announced the closure of its A$265 million Australia Credit Program, which was developed in partnership with Wingate. CLI had first seeded the fund and then attracted Asian investors working with Wingate to originate and underwrite the deals.
The acquisition aligns with CLI’s strategy to reach S$200 billion in FUM by 2028, with plans to invest up to A$1 billion in Australia, according to the announcement.
CLI said it will further diversify its portfolio, which comprises logistics, business parks, office, and lodging assets across nine cities in Australia with Wingate.
As of 30 September 2024, CLI manages 34 logistics properties and business parks and four Grade A office buildings in the country. It also has over 13,500 lodging units across more than 150 properties under its wholly owned lodging business unit, The Ascott Limited.
