Christie Ou
The Middle Eastern sovereign wealth fund has formed a separately managed account with the Hong Kong-based firm.
Massive capital hauls from Blackstone masked what was otherwise a tepid capital raising environment during the first half of the year.
The Japanese pension is shifting from “cautiously“ to “steadily“ developing its real estate allocation, director Yoshitaka Todoroki said at the PERE Tokyo Forum.
The 16-year GIC real estate veteran will replace Gallistel, who is joining CBRE IM as the co-chief executive.
The Miami-based firm has garnered investments from some of the biggest institutional investors including CalSTRS and Mubadala.
Many institutions have retreated from direct lending in favor of the investment risk diversification offered by credit vehicles.
The firm’s real estate equity business last week received a A$600m commitment to back Australian development opportunities.
The quarter saw the close of four $1bn-plus mezzanine/debt funds, which accounted for a bulk of the capital raised during this period.
Private real estate investors can expect the Chinese developer to offload some of its better-quality assets but should not anticipate any major fire sales.
The head of real assets at the Dutch investor says building valuations will take a hit unless owners are proactive in making their assets sustainable.