The benchmarking will help the pension giant further diversify its real estate portfolio (Image: NPS)
In today’s roundup of regional news headlines, South Korea’s National Pension Service employs a new Russell real estate index as part of its investment strategy, and Canada’s Brookfield takes a majority stake in an India commercial portfolio.
Korea’s NPS Benchmarks $1B in Real Estate in Diversification Drive
South Korea’s National Pension Service will benchmark $1 billion in real estate allocations to a new FTSE Russell index.
The FTSE EPRA Nareit Developed Extended Opportunities RIC 6/45 Capped Index was created in consultation with the NPS and was added to FTSE Russell’s standard index series for other investors to access, according to an announcement on Tuesday. Read more>>
Brookfield Completes $611M Deal for 51% of Bharti Commercial Portfolio
India’s Bharti Enterprises has entered into a INR 5,000 crore ($611.2 million) joint venture agreement with Canadian giant Brookfield Asset Management on a 3.3 million square foot (306,580 square metre) portfolio of commercial properties in the Delhi-NCR region and Punjab.
With the agreement, a Brookfield-controlled real estate fund will have ownership of 51 percent of the joint venture, while Bharti Enterprises will retain a 49 percent stake. The properties include Worldmark Aerocity in Delhi, Airtel Centre and Worldmark 65 in Gurugram, and Pavillion Mall in Punjab’s Ludhiana city. Read more>>
KIC Mulls Expanding Assets in Asian Emerging Markets
Sovereign wealth fund Korea Investment Corporation is considering expanding alternative investments in Asian emerging markets, chief executive Jin Seoungho said at a meeting with journalists in New York earlier this week.
“KIC is paying attention to the high potential in some Asian countries,” Jin said. “With currency hedging strategies, we are particularly interested in India, Vietnam, Indonesia and other fast-growing economies in the region.” Read more>>
Korea Post to Open Overseas Office in London, Second After New York
Korea Post, South Korea’s second-largest pension fund with KRW 148 trillion ($110 billion) in assets under management, will open its second office outside the country in London to strengthen overseas investment.
According to sources in the financial investment industry, Korea Post is considering London as the location of its second overseas office. It has been eight years since Korea Post opened its New York office in 2015. Read more>>
Three-Quarters of Blossoms by the Park in Buona Vista Snapped Up
Two days after Singapore’s new property curbs kicked in to raise additional stamp duties for some homebuyers, a development in Buona Vista sold more than 200 of its 275 units at its launch on Saturday.
Among the new launches in 2023, Blossoms by the Park in Slim Barracks Rise achieved the highest take-up rate at an average price of S$2,423 ($1,819) per square foot. Read more>>
Hong Kong Homeowners Slash Resale Prices
An increasing number of homeowners in Hong Kong have been reducing their asking prices despite a key property index hitting a six-month high, indicating weaker confidence in the market’s ability to remain elevated for longer.
While the market remains on the upswing, buoyed by an improving economy following the reopening of the border with mainland China after the COVID-19 pandemic, there are signs of a potential slowdown, with some homeowners looking to avoid increased competition from developers who are launching new projects, according to analysts. Read more>>
Indian Government Eyes Model Contract for Real Estate Deals
India’s government plans to develop a model contract for real estate transactions that aims to standardise sale agreements, narrow expectation gaps and boost transparency, allowing consumers to make informed decisions.
In addition to streamlining real estate transactions, the model contract is expected to lessen the burden on Indian consumer courts. Read more>>
Thailand’s Siam Piwat Forges Ahead With Overseas Retail Expansion
Usara Yongpiyakul, CEO of Siam Piwat’s retail business group, has announced that the Thai mall developer is expanding overseas through various online channels and platforms.
Siam Piwat is the owner and operator of Siam Paragon, Siam Center and Siam Discovery, and a joint owner of Iconsiam and Siam Premium Outlets Bangkok. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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