Christie Ou
The firm attracted 30% of Fund IV’s capital during the pandemic because of the vehicle’s untapped dry powder and focus on the region.
If the walls of the David Jones building could talk, they might boast of the competition to buy them, a rarity in the world of physical retail these days
The firm paused making new investments in the first half of 2020 but restarted in H2, including setting up a dedicated vehicle in a new market.
The private equity giant has been given a vote of confidence in its controversial appointment of John Pattar in 2018 after it raised 40% of the capital for its first Asia real estate fund from investors also invested in his former Fudo Capital fund series.
The Singaporean investment firm remains confident in the future of offices and has 22% of its AUM deployed into the asset class.
With vaccine success expected and a US government keen to rebuild international bridges, the sector has every chance of reversing this current trend.
The sector has only been institutionalized in recent years but is bolstered by long-term e-commerce growth in the country.
Buying opportunities will come from both expiring closed-end funds and developers motivated to sell to either repay debt or recycle capital.
The new capital for the vehicle, which has now reached $5.4bn in AUM, will be used to acquire three new assets from GLP Japan Development Venture II.
Corporations in three of the region's countries are expected to face more liquidity issues as government support programs come to an end in 2021.