French alternatives specialistTikehau Capital has expanded its presence in Asia across its Singapore, Seoul and newly-opened Tokyo offices.
In Singapore, with two regulated asset management companies and a team of 16 people, Tikehau Capital is pursuing its development in the city-state by partnering with City Developments Limited (CDL), a Singapore-listed real estate operating company, in Ireit Global Group Pte. Ltd., the manager of Ireit Global. Ireit Global is a Europe-focused real estate investment trust listed in Singapore in which Tikehau Capital invested in November of 2016.
CDL has a global network spanning 103 locations in 29 countries and regions. Building on its 55 years of experience in real estate development, investment and management in Singapore, CDL has developed its growth platforms in its key international markets of China, United Kingdom, Japan and Australia and is also developing a fund management business. CDL's London-listed subsidiary, Millennium & Copthorne Hotels plc is one of the world's largest hotel chains with over 135 hotels worldwide.
The entry of CDL as a new shareholder is a new positive step in the expansion of IREIT Global's activities. It will provide the company with additional means for its development while leveraging the know-how and local knowledge of a major player in the Asian real estate sector in addition to the European outreach and expertise of Tikehau Capital. CDL purchased a 50.0% stake in IREIT Global's manager and takes up 12.4% stake in IREIT Global. Upon completion of the transaction, Tikehau Capital's ownership in IREIT Global Group and IREIT Global will be 50.0% and 16.4%, coming from 86.4% and 8.4% previously. This strategic partnership with CDL offers Tikehau Capital a stronger economic foothold in Asia.
In Seoul, the opening of a representative office in 2017, has enabled to develop solid relations with several large Korean financial institutions and institutional investors. This led to strengthening the local team to face the development of the office.
The opening of an office located in Tokyo aligns with the internationalisation strategy announced in connection with the listing of Tikehau Capital. Tikehau Capital is thus deploying its economic foothold approach to gain greater proximity to Japanese financial institutions who have a growing appetite for European private markets. The office will be led by Sergei Diakov, a senior professional with more than 10 years of experience in Japan.
Bruno de Pampelonne, chairman of Tikehau Investment Management and head of Asia stated: "Over the last five years, we have established and developed our network of relationships across Asia. This partnership in IREIT Global Group with CDL - as a well-established player with an excellent reputation amongst Asian investors, as CDL - allied, with the development of our Seoul and Tokyo offices, further strengthens Tikehau Capital's footprint in the region."
Tikehau Capital has assets under management of €22.0 bn and shareholders' equity of €2.3 bn (as at 31 December 2018).