CapitaLand Investment (CLI) reported Thursday its first quarter revenue rose 16 percent on-year to S$598 million on growth in fee-related earnings (FRE) from fund management and lodging management.
“Against a backdrop of macro-economic and geopolitical uncertainties, CLI’s diversified portfolio had benefitted from the significant reopening of the global economy and travel in the first quarter of 2022 as more countries treat Covid-19 as endemic,” the real estate investment manager said in a statement filed to SGX.
First quarter fund management FRE increased 28 percent on-year to S$132 million, with 64 percent recurring income, the filing said.
FRE from private fund management jumped 127 percent on-year to S$59 million, with deals including the exit from CLI-managed CapitaLand Vietnam Commercial Value-added Fund (CVCVF), with an internal rate of return of 34 percent, the filing said.
Lodging management FRE for the first quarter increased 31 percent on-year to S$55 million, CapitaLand Investment said. Revenue per available room (RevPAR) increased 34 percent on-year to S$71, the filing said.
Lodging occupancy was around 57 percent in the quarter, up from 48 percent in the year-ago period, CLI said.
Total transacted value for the quarter was around S$3.5 billion via eight listed and private fund vehicles, CLI said.