Global real asset manager CapitaLand Investment (CLI) has announced the AUS$200m (£100.5m) acquisition of the property and corporate credit investment management business of alternative investment manager Wingate Group.
Wingate is one of the largest private credit investment managers in Australia. It has executed more than 350 transactions with more than AUS$20bn in real estate value.
The deal will enlarge CLI’s proprietary deal origination networks, enhance its access to institutional and private high-net-worth investors and increase its geographical exposure to Australia.
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In September 2024, CLI announced the close of its Australia Credit Program (ACP). Conceived and originated in partnership with Wingate, ACP is the firm’s maiden credit fund at AUS$265m.
CLI had first seeded the fund, then attracted Asian investors, working with Wingate to originate and underwrite the deals.
Wingate’s AUS$2.5bn funds under management (FUM) are expected to boost CLI’s FUM to S$115bn (£67.3bn).
CLI’s FUM in Australia will also increase by more than 30 per cent to S$8.3bn, contributing seven per cent of its total. CLI’s private funds business will also be boosted towards its 2028 target of S$200bn FUM.
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The acquisition of Wingate is subject to regulatory approval and is expected to be completed in the coming months.
“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. We see scalable private credit opportunities in other Asia Pacific markets, most notably in South Korea, India and Japan,” said Paul Tham, group chief financial officer of CLI.
Nick Jacobson, who will be appointed Wingate’s managing director overseeing the business, said: “The growth of Wingate with the backing of CLI is a truly industry-transforming prospect for what can be delivered to local and global institutional investors. The combination of Wingate and CLI will further strengthen Wingate’s market standing as a leader in Australian real estate private credit and to becoming the fund manager of choice for institutional investors seeking exposure to the stable and attractive Australian real estate sector.”
In April 2024, the Australian private capital market grew 33 per cent over the previous 18 months with assets under management reaching AUS$139bn, according to data cited by CLI.
The acquisition of Wingate follows CLI’s announcement in November 2024 to invest in SC Capital Partners.
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