CapitaLand smashes targets as divestments for 2019 hit $5.3b

The group was able to narrow down its net gearing target to 0.69x from 0.73x in Q2.

CapitaLand has announced that its $5.3b divestments for 2019 exceeded its annual $3b target and 2018’s full-year $4b, according to an OCBC research.

The excess allowed CapitaLand to lower its net gearing down to 0.69x from 0.73x in Q2 2019 and placed the company on track to achieve its 0.64x target earlier than the end-of-2020 deadline.

Active capital recycling energised CapitaLand’s return of equity (ROE) which came it at 5.8% for September. Free income from its REITs and funds platform ballooned 34.6% YoY to $86.8m, strengthening its recurring income streams.

After the Ascendas-Singbridge (ASB) merger, CapitaLand expressed its goal to grow its AUM in India to $7b by 2024 from around $3b in 2019.