The real estate arm of South Korean insurer Samsung Life has hired AEW to invest €375m in European core and core-plus assets.
AEW said the separate account investment mandate from Samsung SRA Asset Management will invest in repriced assets as the market continues to correct following recent interest rate rises.
The plan is to make investments this year and into 2024 and seek co-investments alongside other investors, AEW said.
The strategy will mainly target office and logistics, but will also consider residential (build-to-rent and student accommodation), life sciences and other asset classes.
AEW said the strategy will focus on the strongest and most liquid markets in Europe, adding that the “UK is an immediate priority as it is proving to be the quickest to reprice, as well as Germany and Spain, followed by France”.
Tim Sankey, the head of separate accounts in London at AEW, said: “To secure this significant investment mandate following a competitive process demonstrates our team’s ability to structure bespoke strategies that match our clients’ requirements and an endorsement of our strong track record of putting together co-investments.
“While we have already identified a number of investment and JV partners, we expect the broader macroeconomic conditions to lead to a further repricing of assets across Europe over the course of the year leading to additional opportunities as this phase of the cycle plays out.”
Rob Wilkinson, European CEO at AEW, said: “As markets continue to reprice, we will leverage our investment platform to secure opportunities across Europe that meet the mandate’s investment objectives. We are grateful for the trust that Samsung SRA have placed in AEW and look forward to building this partnership over the long term.”
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