Money manager eyes Asia-Pacific property for growth, but tells investors to keep bet on US
Principal Asset Management executive says appetite for commercial properties in fast-growing markets underpinned by higher interest rates
US-based money manager Principal Asset Management says it is poised to become more active in Asia-Pacific property markets, believing investors have been “underweight” in the region’s office property segment.
Richard Hill, its senior managing director and head of global real estate research and strategy, said the group was also seeing continued interest from institutional investors in the Asia-Pacific region looking to access opportunities in US commercial real estate as it was “too big to ignore”.
“In my global travels, meeting with investors, whether it be in the US or in Europe or even the Middle East, investors are waking up to the reality that they are structurally underweight in the Asia-Pacific region relative to its share of total global commercial real estate valuations,” Hill said in an interview.
