The Dutch pension asset manager's Asia Pacific head of real estate says his team has just had one of its busiest years ever and that 2021 is looking similarly promising.
Going forward, he will be based in Seoul and will report directly to Mark Gabbay and Tom Pearson, co-heads of the firmÆs global real-estate group for Asia.
Lehman says it is active in all areas of real estate in Korea, including senior lending, mezzanine lending, non-performing loan acquisition and equity investment and utilises its own balance sheet to provide new loans and acquire non-performing loans.
ôOur current loan portfolio includes construction loans, retail and residential. We see strengths in all these sectors as well as the office sector,ö says Dubois-Phillips. ôWe plan to grow our portfolio of high-ratio non-recourse loans in both construction and term financing across all sectors on an opportunistic basis.ö
Lehman also plans a securitisation programme for the commercial loans it originates.
The Korean property business accesses both Lehman BrothersÆ private equity funds and its own proprietary balance sheet for equity investments.
öWe are not constrained by deal size and can consider a transaction that is as low as $5 million,ö says Dubois-Phillips. ôThe typical transaction size will range from $20 million to $100 million. We typically do not disclose the total size of our loan or equity positions, but going forward, we plan to significantly increase our exposure to the Korean real estate market.ö
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