CapitaLand Investment (SGX:9CI) will acquire the property and corporate credit investment management business of Australia-based Wingate Group for AU$200 million, according to a filing with the Singapore Exchange on Monday.

The acquisition also includes an earn-out based on certain performance conditions over a three-year period following the completion of the transaction, the filing said.

Through the acquisition, the investment management company will expand its private credit business and attract high net worth investors in the region.

Following the completion of the transaction, Wingate's AU$2.5 billion funds under management will boost CapitaLand's FUM to about SG$115 billion, while the Singapore-based company's FUM in Australia will grow to roughly SG$8.3 billion.

The deal is subject to certain conditions, including regulatory approval, and is expected to close in the coming months.