(SINGAPORE) – Hines, the international real estate firm, today announced the launch of Hines Asia Property Partners (HAPP), the firm’s new flagship fund for the Asia Pacific Region with $400 million of capital from Cadillac Fairview, the real estate investment arm of Ontario Teachers’ Pension Plan, the largest single profession pension plan in Canada. The fund will be a multi-sector, open-ended, diversified vehicle targeting top-tier markets in Japan, Australia, South Korea, Singapore and China (including Hong Kong).
HAPP intends to invest in logistics, office, living, retail and select niche sectors to build a diversified portfolio targeting core plus returns and balancing yield and growth. By focusing on next-generation assets designed for future tenant demand, this fund will aim to capitalize on an attractive pricing environment and fundamental market shifts by leveraging Hines’ operating platform to create value at the asset level through active management and select development.
“We are very pleased to partner with such a prominent like-minded institutional investor like Cadillac Fairview to launch our flagship fund in Asia. We look forward to creating value for our current and future investors, project partners, and communities through the fund’s investments,” said David Steinbach, Hines Global Chief Investment Officer. “Our long-established teams in the region have already started to identify and secure opportunities that are emerging post-COVID across Asia Pacific.”
Cadillac Fairview, the real estate investment arm of the C$221 billion Ontario Teachers’ Pension Plan, is the lead founding investor.
“We are delighted to invest in Hines Asia Property Partners as a lead founding investor, and we believe that Asia will accelerate growth and diversification benefits to our portfolio with potential long-term outperformance,” said Duncan Osborne, Executive Vice President of Investments at Cadillac Fairview. “Our relationship with Hines dates back two decades and they have a proven track record as a trusted manager and operator with demonstrated history of successfully executing investments through their local market teams.”
HAPP will leverage Hines’ boots-on-the-ground experience in the region. The firm first entered in China over 25 years ago. Since 1996, Hines has expanded throughout 13 cities across Australia, China (including Hong Kong), India, Japan, South Korea and Singapore, with $5.3 billion of assets under management. HAPP will have oversight from a team of seasoned investment management professionals, comprised of David Steinbach, Global Chief Investment Officer and Co-Head of Investment Management; Chris Hughes, CEO of the Capital Markets Group and Co-Head of Investment Management; Chiang Ling Ng, Chief Investment Officer of Asia; Ray Lawler, CEO of Hines Asia Pacific Region and Simon Shen, HAPP Fund Manager, totaling over 100 years of career experience.
Chiang Ling Ng, who recently joined Hines from M&G, and now serves as the firm’s Chief Investment Officer, Asia, added, “This is such an exciting time to be beginning my tenure at Hines. The expertise of the team, in addition to the strength and confidence we instill in our investment partners, while leveraging our proprietary research, will enable us to quickly deploy capital and execute key off-market transactions across multiple locations and sectors. I look forward to working closely with the team to continue to elevate Hines’ platform and serve Hines investors in this region.”
With HAPP, Hines will continue its expansion in the region and further demonstrate the firm’s commitment to become vertically integrated throughout Asia Pacific by elevating the investment management platform and capitalizing on opportunities in the region. In the current economic outlook, investors are increasing their focus and allocations toward Asia which offers strong underlying economic growth and the potential attractive risk-adjusted returns that present Hines and its investors with compelling opportunities in Asia.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹AUM includes both the global Hines organization as well as RIA AUM as of December 31, 2020.
About Cadillac Fairview
Cadillac Fairview (CF) is a globally focused owner, operator, investor and developer of best-in-class real estate across retail, office, residential, industrial and mixed-use asset classes. Wholly owned by the Ontario Teachers' Pension Plan, CF manages in excess of C$36 billion of assets across the Americas and the United Kingdom, with further expansion planned into Europe and Asia.
Internationally, CF invests in communities with like-minded partners, including Stanhope in the UK, Lincoln Property Company in the U.S., and Multiplan in Brazil. The company's Canadian portfolio comprises 69 landmark properties, including the Toronto-Dominion Centre, CF Toronto Eaton Centre, Tour Deloitte, CF Carrefour Laval, CF Chinook Centre and CF Pacific Centre.
Continually striving to make a positive impact in communities where it operates by promoting social connection, growth, and a sustainable future, CF's Purpose is Transforming Communities for a Vibrant Tomorrow. Learn more at cadillacfairview.com and follow CF on LinkedIn, Twitter, and Instagram.