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He will be investing a $100 million tranche on behalf of a single wealthy individual across real-estate stories in Asia Pacific.
CTG Property Holdings is the name of the investorÆs holding company. He is an Asian billionaire behind a conglomerate who is keen to allocate his personal wealth toward real estate. Goodwin says the client may make future tranches. Urban Land Capital will not seek additional clients until its primary clientÆs appetite has been sated.
But GoodwinÆs shop will co-invest with other investors, and has already lined up potential opportunities in Hong Kong and Vancouver.
Goodwin has known the client for 15 years. Goodwin has most recently invested in real estate in Asia ex-China on behalf of JPMorgan but did the same for Deutsche Bank, also on a principle basis. He has been in this line of work for many years, including in Hong Kong and New York, and has even obtained a masterÆs degree in real estate in California.
India is a likely focus for Urban Land Capital. ôI plan to put a lot of money into India in the next few months,ö he says. ôIt has strong fundamentals and a better legal system than China. There are a lot of operating partners there who need the expertise we can offer.ö
The minimum investment size is $5 million but average deals will be in the $15-20 million range.
He wouldnÆt disclose the fees heÆs charging, but says Urban Land Capital is set up in a traditional mutual funds structure. There is an annual management fee and a performance fee that he says is in line with market practice.
The first $20 million of capital has been committed and Goodwin is now setting up an office in Hong KongÆs Exchange Square. He is negotiating final terms with a potential partner and is looking to bring on a pair of associates with real-estate experience. He believes there are plenty of people at investment banks who would rather be compensated by a carry program, in which a share of the returns are vested over time, than by typical discretionary bonuses of an investment bankÆs stock.
Nor has he decided yet on service providers. He is in talks with banks close to his client about setting up a capital-commitment facility. HeÆs still deciding whether he will require a prime brokerÆs services.
The AU$85 billion ($61.6 billion) Australian super fund has some exposure to indebted property developer Evergrande. Meanwhile, China’s construction finance is part of its core strategy in real estate.
Investors are seeing the risks, but also the opportunities of the logistics sector. Warehousing their fears for the moment, they can see it's a good conduit to high-growth assets.
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SGX’s new framework for Spacs will likely provide investors with a much-needed channel for direct deals, but the verdict is still out on whether it will bring liquidity to the bourse.