KKR has appointed John Pattar as Member and Head of the company’s real estate business in Asia Pacific, according to an announcement today by the pioneering US private equity firm. Pattar joins KKR in Hong Kong from CLSA Real Estate, where he had served as CEO.
The property veteran will take charge of KKR’s Asia real estate team, working alongside the company’s regional leadership and investment specialists to hunt for opportunities across the region, while helping Asian clients access real estate deals around the world.
New York-based KKR has committed some $2 billion in equity and debt through more than 40 real estate deals in Asia Pacific since 2011. The company has a dedicated team of around 20 professionals based in the region covering the equity and credit businesses.
Pattar to Grow KKR’s Asia Property Platform
“Asia Pacific is a crucial part of our global real estate strategy given the attractive growth and demographic drivers found in markets across the region,” commented Ralph Rosenberg, Member and Head of KKR Real Estate in a statement.
Pattar has an experienced team in place to help KKR keep pace with the region’s property markets, including Hong Kong-based managing director Bryan Southergill who joined the firm in 2013 and will be reporting to the new APAC real estate chief. KKR had brought over Rob Yang to head the company’s Greater China real estate investment team in mid-2016, however, the former Blackstone managing director left the company in the second half of last year.
The leveraged buyout pioneer formerly known as Kohlberg Kravis Roberts has become one of the most active private equity investors in Asia since opening its first regional office in 2006. KKR announced it was setting up a Shanghai office, its third address in Greater China, last August.
Pattar joined Hong Kong-based alternative asset manager CLSA in 2004, and most recently oversaw the operations of Fudo Capital, a basket of property funds targetting direct investment in Asia Pacific real estate. On behalf of the company’s funds and principals, he sourced and completed roughly $4.4 billion in property deals in the region.
The former CLSA Real Estate chief has nearly 30 years of experience in property investment, development, capital transactions and asset management across Asia, including Australia, mainland China, Hong Kong, Taiwan, Japan, Singapore, South Korea, and Thailand. Pattar is a member of the Royal Institute of Chartered Surveyors and holds a Bachelor of Laws degree from King’s College, University of London.
In the statement, Rosenberg expressed confidence in his new APAC real estate chief, adding that, “We see great opportunity to continue scaling our real estate platform, and we are thrilled that John will lead KKR through the next phase of our growth.”
Leveraged Buyout Firm Eyes More Real Estate Deals
Ming Lu, Member and Head of KKR Asia, noted: “Real estate is a compelling and growing asset class for KKR in Asia Pacific. There is a wide-ranging need for financing and restructuring solutions for properties across the region and for assisting corporations in unlocking the value of their real estate portfolios.”
The investment firm reportedly led a consortium to bid on Centropolis Towers, a new twin tower office complex in downtown Seoul worth about $1 billion, but the talks to acquire Korea’s most expensive single property fell through. M&G Real Estate is now poised to scoop up the asset.