RAMs are asset managers focused on real estate and real estate-related infrastructure such as data centres and logistics. Valuing an asset manager is different from valuing developers such as UOL Group, Frasers Property (SGX:TQ5
) (FPL), Ho Bee Land (SGX:H13) and City Developments. An earlier real estate management company listed on the Singapore Exchange (SGX:S68) (SGX) was ARA Asset Management, which was privatised in 2016. For REIMs and RAMs, valuations are no longer benchmarked against net asset values (NAV) and revalued NAVs (RNAV). Like asset managers, they depend on the growth of their funds under management (FUM) business, assets under management (AUM) and cash flow.
Lee Chee Koon, group CEO of CapitaLand Investment, explains how the real estate fund manager and its investors can grow in tandem, with eyes on a potential China REIT and a listing in India
This year marks the 25th anniversary of CapitaLand Group. Formerly listed as CapitaLand, it underwent a name change on Sept 21, 2021 and morphed into CapitaLand Investment, a real estate investment manager (REIM). CLI is now repositioned into a real asset manager (RAM) with its expansion into private credit.
