5 The transaction was completed on 7 March 2025 and CLI will acquire the remaining stake in SCCP in phases over the next five years, subject to the fulfilment of conditions. 6 2028P refers to projections in 2028 based on CLI’s growth strategy. 7 Ascott entered into a joint venture with Jin Jiang Hotels (China Region) in October 2024 to advance the asset-light expansion of their apartment hotel brands in China. CLI has built deep expertise in our core markets of Singapore, China, and Indiaover more than three decades. In 2024, CLI marked 30 years of operations in China and India, underscoring our established networks and investment track record in these key markets. With Singapore integrated into the broader Southeast Asia strategy, 39% of CLI’s FUM is contributed by this region, a level we expect to largely maintain. In India, CLI aims to double our FUM by 2028. China currently accounts for approximately a quarter of CLI's total FUM, and we remain committed to optimising our presence through a domestic-for-domestic fund strategy. Further strengthening our leadership in Asia Pacific, we have expanded our footprint in key markets such as Australia and Japan through our fund management platform. Notably, we tripled our presence in Japan and grew our portfolio in Australia by 30% through two strategic transactions in 2024: • Investment in a 40% stake in SC Capital Partners Group (SCCP)5, a diversified real estate investment manager • Acquisition of Wingate Group Holdings (Wingate), one of the largest private credit investment managers in Australia. CLI also continued to scale our presence in Korea through its fund strategies, managing a total of nine private funds, including two launched in 2024. Looking ahead, CLI will strategically expand in UK, Europe and the USA to capture new growth opportunities. Our established operating platforms and fund vehicles will provide a strong foundation to scale across highconviction themes and penetrate strategic markets. 2024 UK & Europe and the USA % of FUM 2028P6 8% 10-15% Positioned for Growth With thematic strategies, established operating platforms, and scalable investment vehicles, CLI is positioned to grow its FUM to S$200 billion by 2028. FY 2024 Performance Review 18 CapitaLand Investment Limited 2024 2024 2028P6 2028P6 7% 10-15% 26% 20% 39% 25-35% 30-40% 15-20% 2024 2024 2028P6 2028P6 Listed Funds Operating Platforms Primary Growth Drivers Southeast Asia China Australia, Japan & Korea UK & Europe, USA India Thematics and Strategies • Data Centres • Lodging & Living • Logistics • Self Storage • Wellness • Data Centres • Lodging & Living • RMB funds • Special Situations • Data Centres • Lodging & Living • Logistics • Private Credit • Data Centres • Lodging & Living • Logistics • Private Credit • Self Storage • Special Situations • Data Centres • Lodging & Living • Logistics Singapore China % of FUM Australia, Japan and Korea % of FUM Southeast Asia % of FUM India % of FUM 7 19 Annual Report 2024
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