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Direct property investment in Asia Pacific set to soar in 2015, report says
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DIRECT commercial real estate investment across Asia Pacific is expected to improve in 2015 when capital available for investment is forecast to exceed US$200 billion, global property services provider Jones Lones LaSalle said in a report released today.
That could be a notable rise from 2014, when the January-December volumes are set to reach US$120 billion. In the first three quarters of this year, transaction volumes totaled US$85.2 billion across the region, a decrease of 5 percent from same period a year ago, according to JLL data.
"A considerable number of private equity funds are approaching maturity across the region, but the volumes of capital available in the market will easily absorb these disposals," said Stuart Crow, head of Asia Pacific capital markets, JLL. "Given the level of capital being allocated to real estate in Asia Pacific, demand continues to outpace the amount of assets available and the biggest challenge facing the market is a shortage of supply of investable products."
Private equity groups, which alone have over US$30 billion in uncalled capital ready to be deployed across Asia Pacific, are predicted to be active as both buyers and sellers while REITs will also be actively seeking assets, according to the report.
"Despite some investors moving up the risk curve, core assets will remain in favor amongst sovereign wealth and pension funds," said Megan Walters, head of research, Asia Pacific capital markets, JLL. "We estimate that the potential level of capital coming from sources such as private equity funds, pension funds, REITs, insurers, high net worth individuals and developers accumulates to around US$200-250 billion in 2015."
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