# CapitaLand Investment operating profit up 13%, may unlock $7–$9 bil value from non-core assets - **Source:** EdgeProp Singapore - **Published:** 2026-08-14T01:35:12.000Z - **Author:** EdgeProp Singapore - **Original:** https://www.edgeprop.sg/property-news/capitaland-investment-operating-profit-13-may-unlock-79-bil-value-non-core-assets - **Topics:** Commercial & Industrial, Transactions & Deals, Investment & Capital Markets ## Featured rationale Accelerated asset recycling signals confidence in its core fund-management platforms and could release capital for new real-asset investments while increasing transaction opportunities. ## AI summary CapitaLand Investment identified $7 billion to $9 billion of embedded value in non-core assets after completing about $5 billion of gross divestments in 2026. ## Original article CapitaLand Investment (CLI) is organising its portfolio into distinct core and non-core segments, and plans to unlock billions in embedded value in the latter for recycling and reinvestment. The global real asset manager has identified a portfolio of legacy funds, balance sheet investments and non-strategic holdings in CLI-managed Reits and private funds for "accelerated value realisation", it said on Aug 13 as it also announced its 1H2026 financial results. These assets form the non-core business and represent about $7 billion to $9 billion of embedded value available for future capital recycling and value realisation. Read also: CapitaLand Investment appoints Hsieh Fu Hua as deputy chairman Proceeds will be redeployed into core growth opportunities and to strengthen the balance sheet to support future investments, while excess capital will be returned to shareholders. Year to date, CLI has already completed about $5 billion of gross divestments as part of its capital recycling and value realisation strategy. These divestments have included an industrial facility in Singapore, a business park in India, a retail asset in China, and transactions across its Reits. CLI said that organising its portfolio into the two distinct segments will provide a clear framework for growing recurring earnings, recycling capital, and delivering long-term shareholder value. It comes amid the next phase of its growth strategy to scale its listed and private funds management platforms as "dual-growth engines", CLI added. Fee revenue for the first half of this year grew 20% y-o-y, bringing total revenue for the period to $1.02 billion. Read also: Asia private markets court retail and wealth capital, from real estate to private credit This was mainly attributed to significant growth in the core focus areas of listed and private funds management, whereby fee revenue climbed 48% y-o-y to $316 million. In particular, fee revenue from private funds management was up 59% to $92 million, driven by the acquisition of real estate private credit platform Wingate last year and higher operating activity across the platform. Overall, the higher fee income led to a 13% y-o-y increase in operating profit after tax and minority interests (Patmi) to $293 million for the first half. Together with portfolio gains from asset recycling, total Patmi rose 14% to $327 million. "Our strong 1H2026 performance reflects the growing contribution of our fee-related business and the strength of our integrated real asset management platform," said Lee Chee Koon, group CEO. "As we build on this momentum, we are sharpening our focus on areas where we have scale, competitive advantages and a clear right to win," he added. As for commercial management, CLI noted that its operating platform continues to enhance asset performance through active leasing, tenant curation, and asset enhancement initiatives (AEIs). Read also: CapitaLand Investment secures $2.4 billion real estate mandate from Income Insurance A recent example was in tenant remixing, space optimisation and AEIs at Paragon, to create value after CapitaLand Integrated Commercial Trust (CICT) acquired the freehold retail, office and medical development on Orchard Road for $3.9 billion. In lodging management, CLI reported stable operating performance. About 8,400 units were signed across more than 40 properties in 1H2026, expanding the lodging pipeline to roughly 67,000 units. Of these unit signings, about 30% are conversions. ## Chinese translation > Translation model: openai_codex_cli ### 凯德投资经营利润增长13%，或从非核心资产释放70亿至90亿新元价值 CLI在2026年至今已完成50亿新元的脱售，包括一项新加坡工业设施和一项中国零售资产。 凯德投资（CapitaLand Investment，CLI）正将其投资组合划分为明确的核心和非核心板块，并计划释放后者数十亿新元的内含价值，用于资本循环和再投资。 这家全球实体资产管理公司已确定一个由旧有基金、资产负债表投资，以及CLI管理的房地产投资信托和私募基金中的非战略性持股组成的投资组合，以进行“加速价值实现”。该公司在8月13日公布2026年上半年财务业绩时也表示了这一点。 这些资产构成非核心业务，代表约70亿至90亿新元可用于未来资本循环和价值实现的内含价值。 另读：凯德投资任命谢富华为副主席 所得款项将重新配置到核心增长机会，并用于强化资产负债表以支持未来投资，而多余资本将返还给股东。 年初至今，作为其资本循环和价值实现策略的一部分，CLI已完成约50亿新元的总脱售。 这些脱售包括新加坡的一项工业设施、印度的一座商业园、中国的一项零售资产，以及其房地产投资信托的相关交易。 CLI表示，将投资组合划分为两个明确板块，将为增长经常性盈利、循环资本以及交付长期股东价值提供清晰框架。 CLI补充说，这是其下一阶段增长战略的一部分，旨在将上市和私募基金管理平台扩大为“双增长引擎”。 今年上半年的费用收入同比增长20%，使期内总收入达到10.2亿新元。 另读：亚洲私募市场从房地产到私人信贷，争夺零售和财富资本 这主要归因于上市和私募基金管理这两个核心重点领域的显著增长，其中费用收入同比攀升48%至3.16亿新元。 尤其是，私募基金管理的费用收入增长59%至9,200万新元，受去年收购房地产私人信贷平台Wingate以及整个平台运营活动增加推动。 总体而言，较高的费用收入带动上半年扣除税项和少数股东权益后的经营利润（Patmi）同比增长13%至2.93亿新元。 加上资产循环带来的投资组合收益，总Patmi上升14%至3.27亿新元。 “我们强劲的2026年上半年表现，反映了费用相关业务贡献不断增长，以及我们综合实体资产管理平台的实力，”集团首席执行官李志勤表示。 “在延续这一势头的同时，我们正更加聚焦于那些我们拥有规模、竞争优势和明确制胜权的领域，”他补充说。 至于商业管理，CLI指出，其运营平台继续通过积极租赁、租户组合策划和资产提升计划（AEIs）来提升资产表现。 另读：凯德投资获得英康保险24亿新元房地产委托 近期例子包括在Paragon进行租户重组、空间优化和AEIs，以在凯德综合商业信托（CICT）以39亿新元收购乌节路这项永久地契零售、办公和医疗综合发展项目后创造价值。 在住宿管理方面，CLI报告运营表现稳定。 2026年上半年，超过40个物业签约约8,400个单位，将住宿项目管线扩大至约67,000个单位。在这些单位签约中，约30%为转换项目。