IPIM hopes to develop investor relations and capital-raising capability in Europe via a representative office for its mainly Asia-domiciled funds.
Ipim has been focusing on regional UK real estate mainly with value-add and opportunistic investment strategies in the living sectors since 2013.
That has included acquiring existing assets with business plans centred around redevelopment., conversion, repositioning or buying development sites with planning consent to build purpose-built student accommodation (PBSA) and Build-to-Rent / multifamily assets.
The new London office in Haymarket near Covent Garden is being led by director of investor relations Jason Lamb, who has relocated from Singapore.
Three staff members will work from the satellite office to add to 15 professionals at 2 offices in Hong Kong and Singapore who currently manage a combined $421 mln (€383 mln) of assets.
Since inception ten years ag the firm has raised and deployed equity capital commitments in 17 closed-end private equity real estate funds via a mix of Asia and Middle Eastern-based high-net worth individual investors and family offices.
Most recently, in Q1 this year the company launched IPIM UK Student Living LP, its maiden commingled closed-end fund targeting the acquisition and development of four UK PBSA investment opportunities for a five-year fund life.
The investment manager is currently raising funds for this vehicle. IPIM’s most recent exit was the sale of Duresme Court in Durham and West Gate in Exeter to Brookfield’s European Real Estate Partnership Fund at the end of 2021.
Selina Williams, executive director of IPIM said: ‘The UK has always been a core market for IPIM given its stable developed economy characterised by low political risk, strong rule of law, and stringent regulations, all of which provides clients with confidence and reassurance.’
‘Approximately 56% of our total current assets under management are situated in the UK. As such, it makes strategic sense for IPIM to expand onshore to the UK to further build out our investor relations and capital raising capabilities, enabling us to provide these UK investment opportunities directly to UK and European-based clients.’
Lamb added: ‘With most of our investments into the Purpose-Built Student Accommodation and Built to Rent space being in the UK, we are very excited to be able to offer these opportunities to a UK audience. UK investors also understand the local real estate markets well and have good sense of the investments we make from a location perspective.’
