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
MGPA has paid $52 million for an office building located in the Chiyoda ward of Tokyo near to the Kudanshita subway station. It has a floor space of 7,500 square metres over nine floors. MGPA plans to add value and boost rentals by refurbishing the building.
MGPA has also bought a 30-floor residential tower in Sapporo next door to the local GovernorÆs residence, comprising of 140 apartments covering a rentable area of 11,600 square metres.
Concurrently, MGPA has unveiled a new product branding by which the Sapporo residential tower will be labelled. Their new brand is called æMy atriaö. Macquarie points out that this is derived from the Latin word for the entrance hall to a house or temple. Classics scholars might point out that æAtrium meumÆ might therefore be more precise.
ôWe buy, fix and sell. We particularly focus on ugly buildings in good streets that we can refurbish,ö says Simon Treacy, managing director of Macquarie Global Property Advisors ôA third fund is on the horizon and we have a deep pipeline of deals, small, mid-sized, large and elephant deals.ö
Macquarie prides itself on what its sees as its differentiation from the other monster-sized property funds, characterising the real estate guys who run its fund as hard-hatted property blokes, unafraid to get their hands dirty, as opposed to investment bankers in Kenzo suits.
MGP Fund II closed in September 2005 with commitments of $1.3 billion. To date this fund has invested more than $1 billion in Hong Kong, Seoul and Tokyo. MGPA has total assets under management of $3.1 billion throughout Asia and Europe.
MGPA was formed in early 2004 following a management buyout from Lend Lease of its global fund investment advisory platform.
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.