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.
The fund is being managed by Roger Dossett, supported by Stuart Webster and Robin Carr in Europe. New Star has had an office in Hong Kong since 2002; Simon Tyrell and a local sales team will market the fund throughout Asia Pacific.
The New Star International Property Fund will invest in commercial properties outside the UK, with the initial focus on Europe, Japan and the rest of Asia. The fund can invest up to 90% in physical property, but more typically will hold around 80%. Not more than 30% of the fund will typically be held in property company securities.
The initial charge for the fund is 5% with an annual maintenance change of 1.75%
Prices in Asia have risen dramatically across most markets in Asia, but New Star feels that on an inflation-adjusted basis they are just getting back to the levels before the Asian financial crisis and Sars. (Presumably they are crossing their fingers there wonÆt be a new plague or catastrophe.) New Star believes Asian commercial property still trades at a distinct discount to that in the United States.
New Star will focus on core and core-plus commercial properties. The less speculative end of the sector offers supply shortages in markets such as Japan, Korea, Hong Kong, Singapore, Australia and New Zealand, says Tyrell.
Separately, Francis Leach has moved from London to Hong Kong, where he joins its institutional business development team. He will work alongside Louis Poon, who has been managing the shop in Hong Kong for several years. Leach left Hargreave Hale where he had been a stockbroker.
Sunsuper and QSuper appoints CIO for combined entity; State Street appoints heads of HK and Taiwan; Nothern Trust rebuilds Apac team; Manulife IM names emerging markets fixed income CIO; RBC Wealth Management hires four into HK; Lombard Odier hires two senior equity managers; Allianz Global Investors appoints Asia hand as equity CIO; and more.
Investors from China and the US are expected to continue buying assets in each other’s markets despite the blacklist of Chinese firms with military and surveillance ties.
Stronger government actions are needed to meet the Paris Agreement goal of limiting global temperature rise to 1.5 degrees, investors such as Hesta and CDPQ signed in a statement.
AsianInvestor explains why we chose the winners of the second half of our 2021 fund manager winners, by major local markets.