CapitaLand to reduce reliance on retail, ventures into industrial real estate, logistics, data centres


KUALA LUMPUR: CapitaLand Malaysia REIT Management Sdn Bhd intends to reduce its reliance on retail phase by diversifying into industrial real property, logistics and data centres over the following 12 months.

Chief govt officer Tan Choon Siang stated these segments could be the first focus of the corporate as a result of they may very well be potential new property for the corporate and a pre-check on these sectors confirmed that they’re resilient, notably throughout the peak of COVID-19.

“Retail accounted for practically all of our income, so we hope to see extra industrial property in our portfolio and our choice is certainly to decrease the share of our retail that is one thing that we hope to see…,” he stated throughout a digital media briefing at the side of its fourth quarter monetary outcomes for the monetary 12 months 2021.

Tan revealed that Capitaland would then proceed to focus on the Klang Valley so as to solidify its place earlier than transferring on to secondary cities similar to Penang and Johor Bahru.

“Specifically we’re wanting on the Klang Valley however we do not rule out the potential of areas like Penang and likewise Johor, which areas are stronger by way of being nearer to the ports and in a position to be a distribution centre for regional distribution centres.

“Once we’ve got extra concrete data, we undoubtedly generally is a bit extra concrete and we are going to share it,” he added.

Meanwhile, Capitaland Malaysia Trust’s web loss narrowed to RM30.93 million within the monetary 12 months ended Dec 31, 2021 from RM84.50 million a 12 months in the past.

Revenue fell 14.3 per cent to RM224.11 million from RM261.34 million beforehand, primarily due to decrease gross rental earnings, decrease automotive park earnings, decrease restoration of utilities and decrease advertising and marketing communications earnings. – Bernama

Source link