German open-ended fund manager Commerz Real aims to expand its assets under management in Asia to €1 bn in the next 12 months, board member Andreas Muschter has told PropertyEU.
German open-ended fund manager Commerz Real aims to expand its assets under management in Asia to €1 bn in the next 12 months, board member Andreas Muschter has told PropertyEU.
‘We have recently founded a subsidiary in Hong Kong and have a new CEO in Asia. We want to grow a stable footprint in Asia,’ Muschter said at Expo Real last week.
Commerz Real is currently exploring options to tie up with a joint venture partner, Muschter added. ‘It could be a sovereign wealth fund, an asset manager or a developer. Ideally we are looking for a partner who is also interested in investing in Europe. But we will take our time to pick the right partner.’
While Commerz Real is looking to form an alliance with an Asian partner within the next three years, Muschter said he hoped to close one or two office transactions in one of the leading cities in Australia by year-end. ‘Why do we want to invest in Australia? Australia has an attractive tax structure, the conversion rate is currently quite good and the markets are quite stable. They are certainly not as volatile as some other markets.’
The company is also looking at Singapore and South Korea, Muschter said. ‘I hope we will be active in South Korea within the next few years.’ China is also on his radar. ‘I am a a fan of China. China will definitely grow in the next decades.’