Tishman Speyer, a US property developer and investor, is partnering with an Asian multi-family office to start a real estate fund to further tap into the Asia-Pacific market.
The New York-based firm and Raffles Family Office will focus on investing in mature markets including Australia, Singapore, Hong Kong, Japan and South Korea, said Joe Kwan, a managing partner at Raffles. The company didn’t disclose the size of the fund.
“APAC is expected to spearhead global macroeconomic recovery, with favorable structural fundamentals such as a relatively younger population and increasing consumption needs,” Kwan said. The current real estate cycle may also offer attractive discounted investment opportunities, he added.
The partnership marks “a milestone in Tishman Speyer’s expansion into Asia-Pacific gateway cities,” Chief Executive Officer Rob Speyer said in a statement. The US firm already has projects and investments in China and India, according to its website.
The fund will target redevelopment, residential and logistics properties as well as credit strategies. It will look for opportunities to redevelop obsolete but well located assets to be more modern and energy efficient, including redevelopments of old office buildings into mixed-use projects, according to Hong Kong-based Raffles.
