World news – KKR closes first Asia Pacific real estate fund for $ 1.7 billion

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[HONG KONG] US investment firm KKR & Co announced Thursday that it has closed its first Asia Pacific real estate investment fund for $ 1.7 billion. </ P The announcement comes a few days after KKR closes its first infrastructure fund for Asia as the private equity powerhouse expands its platforms in the region.

John Pattar, KKR’s head of real estate in Asia, told Reuters, the new fund will focus on urbanization trends in Asia, the spin-off of non-core real estate assets in Japan, and private opportunities in markets such as Australia, Singapore and Japan.

« Increased domestic consumption, productivity and urbanization – combined with the acceleration of e-commerce and platform-based businesses and the development of the traditional office landscape – changing the region’s real estate sector green he said. The fund is also looking into opportunities in countries like South Korea, which has recovered from the Covid-19 pandemic, said Hong Kong-based Pattar, a veteran real estate investor who was poached by KKR in 2018. to direct its real estate efforts in Asia.

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« We’re looking at markets that handle Covid best, » he said. « … Asia Pacific is the first country to recover in 2021. »

KKR’s real estate fundraising comes as private equity firms worldwide move from a company buyout to a turn-to-profit model Companies have expanded. They are now investing through a range of alternative asset management products including infrastructure, real estate, hedge funds and credit. Securities firms raised $ 9 billion in 47 Asia-focused real estate funds last year, up from a record $ 26 billion US dollars in 2019, according to data provider Preqin. KKR’s US-based rival Blackstone Group launched the region’s largest real estate fund with $ 7.1 billion in 2018.

KKR will also compete with regional firms like Hillhouse Capital Group, the former dealmaker of Warburg Pincus and Blackstone has contracted to expand its real estate capacity.

The company, headquartered in New York, launched its own global real estate platform in 2011 and managed real estate assets of around 14 billion US dollars at the end of September 2020.

In the Asia-Pacific region, Since 2011, more than 1.5 billion US dollars of equity has been invested in around 20 real estate transactions.

The portfolio includes the Namsan Square office tower in Seoul, the Oasis Shopping Center on Australia’s Gold Coast, and the Lake Silver and Parkside retail properties in Hong Kong .

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Ref: https://www.businesstimes.com.sg

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