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
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
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.
Insto roundup: GPIF staff say J-Reits more attractive than traditional assets; Hong Kong's strict Spac criteria
EISS Super hit by another scandal; China's CSRC launches consultation on disclosure requirements for new BSE securities; Hong Kong issues consultation paper on Spacs; New World Development partners with China Taiping to focus on Greater Bay Area projects; GPIF employees say Japanese Reits have grown more attractive; Taiwan's BLF invites bid for $1.7 billion mandate; and more
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.