Adrian Lee Rejoins AEW to Lead Asia Transactions After Tishman Stint

Adrian Lee has rejoined AEW as head of transactions for Asia, marking his return to the Boston-based real estate fund manager after his departure three years ago to lead regional deals at Manhattan property group Tishman Speyer.

Stationed in Singapore, Lee will oversee investment activities across Asian markets with a focus on the city-state and North Asia, AEW said in a release.  He reports jointly to Asia Pacific chief operating officer Jean-Phillippe Gaudin and APAC chief investment officer Yian Wang.

The announcement follows former Asia head Jason Lee’s exit from AEW last August after 13 years at the firm, with Wang having succeeded him in the APAC CIO role. 

“Adrian’s return comes at the right moment as we continue building a strong, energised leadership team for AEW Asia Pacific,” Wang said. “Alongside the rest of the team, this reflects the next generation of talent driving our pursuit of excellence as we navigate market challenges and seize opportunities across the region.”

Maxwell, Tse Promoted

At Tishman, Adrian Lee served as the firm’s Singapore-based head of APAC investments, helping to establish capital partnerships with institutional and private wealth investors, according to AEW.

As part of a broader expansion of its APAC leadership structure, AEW is also promoting Jason Maxwell from the firm’s Sydney office to head of transactions for Australasia and Athena Tse from the Hong Kong office to head of Greater China. Maxwell has been with AEW since 2017 and Tse since 2015.

Lee is to partner with Maxwell to ensure coordinated deal sourcing and disciplined execution of AEW’s investment strategy across the region, the firm said, while Tse’s leadership will further reinforce regional depth and investor alignment and support long-term growth in Greater China.

“With Adrian and Jason leading Asia and Australasia respectively, and Athena focused on the markets in China, we are well positioned to capture opportunities for our investors across the region,” Gaudin said.

Longtime Presence

A manager of $86.3 billion in assets, including $4.8 billion in Asia Pacific, AEW opened its first APAC office in Singapore in 2006 and expanded its regional footprint with a Hong Kong office in 2010. The firm’s strategies span core, value-add and opportunistic real estate investments.

In APAC, AEW has invested in projects including the Rivervale Mall in Singapore, the City Plaza complex in Seoul and the Innov Tower office building in Shanghai.

The firm last July announced the final closing of its latest opportunistic vehicle, AEW Partners Real Estate Fund X, with $1.75 billion in equity commitments, exceeding the fundraising total of its 2021-vintage predecessor. The fund is seeded with investments in senior living, multi-family, industrial and retail, and AEW aims to build a diverse portfolio by sector and geography.

AEW closed on $1.54 billion for its fourth APAC value-add fund in 2021, before establishing AEW Value Investors Asia V in 2022, according to a filing with the US Securities and Exchange Commission. The company has yet to make a public statement regarding fundraising for AEW Value Investors Asia V.

In 2020, AEW introduced a core strategy for the region focused on logistics, multi-family and office properties. In April 2022, the company picked up six Japanese multifamily assets for JPY 23 billion (then $180 million) before acquiring the Westgate Tower office project in Singapore’s Jurong East for S$680 million (then $488.54 million) two months later.