CapitaLand has started to reap the initial fruits of its acquisition of Ascendas-Singbridge (ASB). The group posted a 34.6 per cent year-on-year increase in fee income from managing its Reits and private equity funds to S$86.8 million in the third quarter ended Sept 30. The figure for Q3 FY2018 was S$64.5 million. For the first nine months of this year, fee income from managing Reits and private equity funds increased 12.3 per cent to S$188.5 million, from S$167.9 million in the year-ago period. The higher income is in line with the increase in Reit and fund AUM from S$54.2 billion at end-2018 to S$71.7 billion at end-Sept 2019. The ASB acquisition also helped to boost total fee income to S$448 million for the first nine months of 2019 from S$272.4 million in the first six months of the year. However, portfolio gains and realised fair value gains eased 58 per cent to S$54.3 million due to the absence of a one-time gain of S$99.2 million from the divestment of Westgate, a Singapore retail asset, to CMT in Aug 2018.... Continue Reading