Graeme Torre is leaving APG after eight years (Image: APG)
APG Asset Management announced on Monday that Graeme Torre will be leaving his position as managing director and head of real estate for Asia Pacific at the Dutch pension fund manager.
Torre is leaving APG later this month, after leading the organisation’s APAC real estate business since 2017, to take on new opportunities in property investment, according to market sources.
“We have had significant success across the region so it was a very difficult decision to move on from such a talented group of partners and colleagues, and in particular the first-class Asia real estate team,” Torre said in a statement. “I’m proud of what we’ve achieved together and delighted that we have been able to find my successor from within our own team.”
With APG managing euros 616 billion ($717 million) globally, and 50 billion euros in real estate, company veteran Brian Hung has been picked to take over the top role for the region with the organisation’s property unit, according to the statement.
Expanded Portfolio
Among the most active European pension fund managers investing in Asia Pacific real estate strategies, having backed ventures by Goodman, ESR, Greystar and Scape, among others.
Brian Hung joined APG in 2014
“Under Graeme’s leadership the Asia Pacific real estate platform significantly expanded its team of regional experts and strengthened the existing partnerships across the mainstream sectors,” APG’s global CIO for private markets, Patrick Kanters said. “The APAC real estate portfolio also grew beyond core assets to encompass alternative sectors such as data centres, debt, multi-family residential, self- storage and life sciences.”
In July this year, Goodman Group announced that APG was among the backers for a $2.7 billion private fund targetting data centre opportunities in Hong Kong, aligning with the pension fund manager’s growing interest in infrastructure plays.
That deal came after APG announced in 2024 that it had set up a joint programme with Japan’s Government Pension Investment Fund (GPIF) to pursue infrastructure investment opportunities in developed markets.
In October last year APG was named, along with its compatriots at Bouwinvest, as among the backers of a $1 billion build-to-rent venture led by Rent-to-Live Co, a sister company of student housing provider Scape under Aussie fund manager The Living Company.
Familiar Face
To take over its real estate business in Asia Pacific, APG has chosen a team member who knows the company’s strategies and partners well, with Hung having first joined the firm in 2014.
“It is a privilege to be taking forward our real estate platform in Asia, at a time when the region’s growth drivers are gaining further momentum. Asia’s expanding middle class, demographics, technology hubs, and urban centres present compelling opportunities for long-term, patient capital such as ours,” Hung said. “With our established foundation and the resources of a global platform, we are well-positioned to pursue areas of sustained growth including capitalising on new investment opportunities.”
A graduate of the University of Michigan, Hung is currently a board member at Scape, at India mall developer and operator Virtuous Retail, and with Malaysian shopping centre manager Suria KLCC, according to his LinkedIn profile.
Before receiving this latest upgrade, Hung had been promoted to director with APG in 2021, and has focused on private real estate investments across the region.
Prior to joining APG, Hung spent more than six years with Bank of America Merrill Lynch, and with Merrill Lynch, in New York and Hong Kong.
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