At the same time, real estate investment business (REIB) revenue fell by 4% y-o-y to $430 million due to asset divestments and lower tech demand but mitigated by higher revenue in Japan.
Under REIB, CLI saw positive rental reversions across its Singapore portfolio and its Indian new economy portfolio. Meanwhile, its portfolio in China logged “mild positive” reversions for its new economy portfolio but saw negative reversions for its retail and office portfolio. The group’s assets in new economy and office sectors in its other markets remained “resilient”.
As at March 31, CLI’s net debt/equity stood at 0.53 times while net debt/total assets stood at 0.31 times. The implied interest cost stood at 4.0% per annum (p.a.).
The group has conducted some $1.7 billion in total transactions year-to-date (ytd). The figure is made up of the $600 million worth of divestments and the $1.1 billion worth of investments made through fund platforms.
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Shares in CLI closed at $2.63 on April 25.
