Kishore Moorjani
CapitaLand Investment is preparing for its next phase of expansion in India with a leadership reset, sharpened capital strategy and a mandate to double its funds under management (FUM) as part of global growth plans, Kishore Moorjani, its newly appointed India chairman, tells ET's Sobia Khan. Edited excerpts:
CapitaLand India is undergoing a leadership transition with the exit of your India CEO. What does this shift signify?
There has been a leadership change, but this is not a restructuring of the business. Sanjeev Dasgupta, who was our India CEO, left largely for personal reasons. India is too important and too large a market to manage from outside and we will backfill the role. CapitaLand's transition from a developer to a global investment and asset manager is underway, and India is central to that journey.
What are the growth engines that will drive India's expansion?
India is the most promising growth market for CapitaLand with around ₹61,200 crore (S$9 billion) of assets on the ground, roughly 39.1 million sq ft across business parks and logistics, plus 244 MW in data centres under development. Our growth will come from three verticals where we have scale and advantage: business parks, logistics and data centres-expanding rapidly, with projects in Mumbai, Hyderabad, Chennai, and Bangalore.
Will the growth acceleration require acquisitions, partnerships or more aggressive forward-purchase deals?
It must, and as an asset manager, we must adopt a more flexible approach. In business parks, forward-purchase deals will remain active because they allow us to deploy capital efficiently. For logistics, existing assets are scarce, so development will continue to dominate, but the development cycle is faster. In data centres, development is the only realistic path, because very little is available to buy. We will look at ready assets, but the market is competitive with REITs and AIFs looking to acquire. Still, we are open to buying high-quality assets where it makes sense. Selective divestments will also be part of the strategy.
Are you considering an India REIT?
Yes, we are actively evaluating it. When we listed CapitaLand India Trust in 2007 in Singapore, there wasn't even a REIT law in India. India now has high-quality office REITs that are performing well. I believe India is well positioned to launch a new REIT in the next few years, and it would be a milestone I look forward to.
CapitaLand India is undergoing a leadership transition with the exit of your India CEO. What does this shift signify?
There has been a leadership change, but this is not a restructuring of the business. Sanjeev Dasgupta, who was our India CEO, left largely for personal reasons. India is too important and too large a market to manage from outside and we will backfill the role. CapitaLand's transition from a developer to a global investment and asset manager is underway, and India is central to that journey.
What are the growth engines that will drive India's expansion?
India is the most promising growth market for CapitaLand with around ₹61,200 crore (S$9 billion) of assets on the ground, roughly 39.1 million sq ft across business parks and logistics, plus 244 MW in data centres under development. Our growth will come from three verticals where we have scale and advantage: business parks, logistics and data centres-expanding rapidly, with projects in Mumbai, Hyderabad, Chennai, and Bangalore.
Will the growth acceleration require acquisitions, partnerships or more aggressive forward-purchase deals?
It must, and as an asset manager, we must adopt a more flexible approach. In business parks, forward-purchase deals will remain active because they allow us to deploy capital efficiently. For logistics, existing assets are scarce, so development will continue to dominate, but the development cycle is faster. In data centres, development is the only realistic path, because very little is available to buy. We will look at ready assets, but the market is competitive with REITs and AIFs looking to acquire. Still, we are open to buying high-quality assets where it makes sense. Selective divestments will also be part of the strategy.
Are you considering an India REIT?
Yes, we are actively evaluating it. When we listed CapitaLand India Trust in 2007 in Singapore, there wasn't even a REIT law in India. India now has high-quality office REITs that are performing well. I believe India is well positioned to launch a new REIT in the next few years, and it would be a milestone I look forward to.