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
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.
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.