MAS names sustainability head; Malaysia’s EPF appoints COO and CFO; GIC PE head for SEA leaves; State Super hires new exec; Hesta appoints chief growth officer, chief Debby Blakey appointed to corporate governance board; ex-BlackRock exec joins IQ-EQ in Singapore; HSBC AM builds direct real estate team; ex-Vanguard head of distribution joins LGIM; Sanne names Singapore head; and more
GIC will make the investment in the JV through an affiliate company. The JV will, over the next two years, invest up to Ñ150 billion ($1.3 billion) in retail properties in Japan, including both complete projects and those under development. It will also acquire under-performing assets and enhance their value. The partners intend to grow the joint venture into one of the largest private retail property investment platforms in Japan.
The target markets for the JV are Tokyo, Osaka, Nagoya and other major cities. Sumitomo will manage the JVÆs assets and be responsible for sourcing, development and operations. The JV has already invested in assets including a department store and development projects.
"This alliance reinforces our strategy of investing in a diversified portfolio and establishing long-term relationships with strong local partners,ö says Seek Ngee Huat, president of GIC Real Estate. Huat also highlights that the investment is an expansion of GICÆs retail exposure in Japan.
GIC Real Estate has been investing in Japan for a decade and its portfolio in the country is a mixed including malls, serviced apartment complexes and logistics facilities through a joint venture with ProLogis.
GIC Real Estate has over 200 investments in more than 30 countries. It has said in the past that it employs a strategy of having a long-term view and diversifying risks to ride out shorter-term cycles. Significantly increasing its exposure to Japan seems to fit well in that strategy.
Kwap property arm appoints CEO; VFMC names new CEO as Lisa Gray retires; MSIG Singapore promotes Mack Eng as CEO; Monroe Capital opens first Asia office in Seoul, hires head from Aberdeen; Vanguard Australia appoints new MD to relocate from US; HSBC AM expands EM debt team; Vantage FX hires from CGS-CIMB in Singapore; and more.
Financials and healthcare have been spotted as promising sectors, while several tech IPOs are on the way, including a $2.2 billion fintech firm and a GIC-backed e-commerce startup.
A strong recovery in the Asia Pacific private capital markets in 2021 sets up favourable hiring and compensation trends.
The $95 billion Korean savings will set up a separately managed account for real estate debt investment early next year in order to shorten decision-making and help it win deals in a crowded market.