M&G Real Estate eyes more retail, logistics assets in Asia
The aim is to have half its global AUM residing outside its home market, the UK, in the long term
Singapore
M&G Real Estate, the property investment arm of Prudential plc, is eyeing more retail and logistics assets in Asia, where it already has US$2.5 billion in assets under management (AUM) in Singapore, Hong Kong, South Korea, Japan and Australia.
This is part of its overall drive to invest outside the UK with a long-term target of having half its global AUM residing outside of its home market, up from 25 per cent currently, said chief executive Alex Jeffrey.
That one-quarter of global AUM - now at about £26 billion (S$46 billion) - is split evenly across North America, continental Europe and Asia.
"On a five-year outlook, I would expect that 25 per cent to be significantly higher, not because the UK is shrinking but just because we see a lot of growth in our cross-border activi…
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Singapore Q1 industrial rents rise further 1.7%, as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Lucrum Capital looks to sell Killiney hotel site for S$195 million
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction