CapitaLand Investment (CLI) on Wednesday said it has appointed Gauri Shankar Nagabhushanam as chief executive officer, India Business Parks, with effect from 1 April 2022 as part of its ongoing leadership renewal.
Nagabhushanam will be successful Vinamra Srivastava, who will relocate to Singapore to assume a new role within the CapitaLand Group.
Formerly the head of investment and chief financial officer of Ascendas-Firstspace, CLI’s India logistics venture, Nagabhushanam will be based in Bengaluru, the headquarters for CLI’s India business parks business. He will oversee CLI’s India business parks operations, investment, development, asset management and private fund management, as well as grow its portfolio of assets in the country.
“India is a core market for CapitaLand Investment, and it has significant potential for expansion as part of our growth strategy to position the company as a leading global real estate investment manager. Gauri Shankar has been in the company for over 10 years and has played a key role in launching and expanding our logistics business in India. He also brings a wealth of experience in private equity real estate investment and fund management as well as corporate finance. We are confident that Gauri Shankar will continue the momentum in leading a talented team through the company’s next phase of growth and delivering value to our stakeholders," stated Jonathan Yap, CEO, Fund Management, who also oversees CLI’s business in India.
CLI is present in India across the real estate value chain, from owning, developing and managing properties to fund management through Ascendas India Trust (a-iTrust) and private funds. In India, it has a portfolio of over 20 business and IT parks, industrial, lodging, logistics, as well as a data centre campus across seven cities. Around 80% of its portfolio is under a-iTrust and three private funds - Ascendas India Growth Programme, Ascendas India Logistics Programme and CapitaLand India Logistics Fund II, and 20% are under its balance sheet.
CLI currently has over 20 million square feet of assets under management (AUM) valued at about S$3.3 billion. In October 2019, CapitaLand had announced that it aims to more than double its AUM in India to S$7 billion by 2024.