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The GPR/APREA AsiaPac Performance Snapshot tracks the dynamics of listed real estate securities (including REITs) across 12 AsiaPac countries/regions and eight sectors, over multiple time horizons. 

The GPR/APREA AsiaPac Performance Snapshot tracks the dynamics of listed real estate securities (including REITs) across 12 AsiaPac countries/regions and eight sectors, over multiple time horizons. 

  • REITs were the top total return performer in June 2018.
  • Equities and REITs were the strongest performers over the past five years.
  • On a ten-year basis, REITs outpaced rival asset classes, followed by listed real estate.
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Business sentiment firmed amidst Singapore’s solid economic growth of 4.4% y-o-y in 1Q2018. The finance & insurance sector expanded by 9.1% y-o-y, while the information & communications sector grew by 5.7% y-o-y. Office-using employment increased by 7,100 workers in 1Q2018. Private economists now expect 2018 GDP growth to exceed 3%.

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PRC co-working operators continue to move into the Hong Kong office market.

Office

Leasing activity in the overal market picked up in May, with net absorption int the overall market amounting to 153,400 sq ft. Demand was mainly focused on new and upcoming Grade A offices, accounting for about 48% of all new lettings, in terms of floor area. At One Hennessy, a new Grade A office being built in Wanchai, Shanghai Pudong Development Bank reportedly leased eight floors (85,400 sq ft) for their first centre in Hong Kong, KR Space is also reportedly negotiating additional locations around the city.

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Office take-up in Southeast Asia accelerated over the last five quarters. In 1Q18 office take-up in the region grew by 6.8% year-on-year (yoy). Office demand is well correlated to Gross Domestic Product (GDP) growth in Southeast Asia and is expected to grow by 6% annually in 2018-2021.

Office demand was the strongest in…

Office take-up in Southeast Asia accelerated over the last five quarters. In 1Q18 office take-up in the region grew by 6.8% year-on-year (yoy). Office demand is well correlated to Gross Domestic Product (GDP) growth in Southeast Asia and is expected to grow by 6% annually in 2018-2021.

Office demand was the strongest in Singapore and Jakarta, where occupiers moved into new supply. Technology, e-commerce and flexible space operators were key demand drivers.

Flexible work space operators expanded by a compound annual growth rate (CAGR) of over 30% in the last three years in Asia Pacific and now take up 2.8% of the occupier office space in Singapore.

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Private equity (PE) deal value skyrocketed in 1Q18 as it marked the completion of one of the largest secondary transactions in the region thus far, Global Logistic Properties (GLP) for US$12b, along with the sale of Equis Energy for US$5b. Dry powder committed to Asia-Pacific continued its upward run, reaching a record level of US$313b by the end of 1Q18.

PE and venture capital (VC) investment value in 1Q18 increased manifold, with 19 deals being completed, valued at US$21.9b in comparison to 26 deals worth far lower at US$687m in 1Q17. Exit value too went up substantially from US$295m in 1Q17 to US$17.7b in 1Q18, mainly because the two largest buyouts completed in 1Q18 were secondary transactions. 

Private equity (PE) deal value skyrocketed in 1Q18 as it marked the completion of one of the largest secondary transactions in the region thus far, Global Logistic Properties (GLP) for US$12b, along with the sale of Equis Energy for US$5b. Dry powder committed to Asia-Pacific continued its upward run, reaching a record level of US$313b by the end of 1Q18.

PE and venture capital (VC) investment value in 1Q18 increased manifold, with 19 deals being completed, valued at US$21.9b in comparison to 26 deals worth far lower at US$687m in 1Q17. Exit value too went up substantially from US$295m in 1Q17 to US$17.7b in 1Q18, mainly because the two largest buyouts completed in 1Q18 were secondary transactions. 

The largest deal completed in 1Q18 was the secondary buyout of GLP by Hopu Investment Management, Nesta Investment Holdings, Hillhouse Capital Group, China Vanke Company, and Bank of China Group Investment along with the senior management executives of the firm at a staggering US$12b, which will go down as one of the major PE buyout deals completed in Asia to date. GLP is a global provider of logistics solution and is§focused on creating a logistics ecosystem that utilizes the latest technology, data and service offerings to drive value for customers. We expect to see a continued trend of future deals above US$1b driven by factors such as record levels of dry powder, a growing trend of co-investing and an increasingly active group of large direct investors

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North Sydney now has two Premium grade office developments under construction. The first, 100 Mount Street (41,000 sqm), is due in early 2019, while 1 Denison Street (60,000 sqm) is due in late 2020. Both will benefit from the opening of the Victoria Cross metro station in 2024, above which Transport for NSW is currently seeking concept approval for a 168m, 60,000 sqm office building.

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A lot has been written about the flow of funds (rather the lack of funds) in the real estate sector of India. However, an in-depth analysis of how this trend has changed in the last decade has not been detailed out many times. This report seeks to trace the course of capital flow and analyses key factors that brought forward different kinds of lenders at different stages of economic growth and reforms in India.

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Real Estate Spotlight will go through:

A DIFFERENT PERSPECTIVE ON RETAIL INVESTMENT

Considering the difficulties facing the broader retail industry, we examine the industry in the context of private equity real estate transactions and show that, contrary to wider market trends, PERE retail activity continues to occur. Access the article to find out more on page 2

SOVEREIGN WEALTH FUNDS INVESTING IN REAL ESTATE…

Real Estate Spotlight will go through:

A DIFFERENT PERSPECTIVE ON RETAIL INVESTMENT

Considering the difficulties facing the broader retail industry, we examine the industry in the context of private equity real estate transactions and show that, contrary to wider market trends, PERE retail activity continues to occur. Access the article to find out more on page 2

SOVEREIGN WEALTH FUNDS INVESTING IN REAL ESTATE

The proportion of sovereign wealth funds investing in real estate currently stands at 62%, representing the second highest level of participation in alternative assets among this investor group, behind only infrastructure (64%). In this feature we take a look at how sovereign wealth funds invest in the asset class. Access the article to find out more on page 6.

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The GPR/APREA AsiaPac Performance Snapshot tracks the dynamics of listed real estate securities (including REITs) across 12 AsiaPac countries/regions and eight sectors, over multiple time horizons.

  • REITs posted the highest total return in May 2018. 
  • Equities and listed real estate were the strongest performers over the past five years.
  • On a ten-year basis, REITs outpaced rival asset classes, followed by listed real estate. 
VIEW FULL ARTICLE