JLL has released the March 2016 edition of JLL Corporate Finance’s Asia Pacific Secondary Market Bulletin (“SMB”).
The SMB provides a summary of secondary market opportunities for buyer and seller interests in unlisted real estate funds across the Asia Pacific region, including pan-Asian and country-specific vehicles. The SMB is maintained on an ongoing basis and distributed to participants on a quarterly basis. Participants include institutional investors in real estate funds across the region and include secondaries specialists, multi-manager investors, pension funds, sovereign wealth funds and other institutional investors. The March 2016 edition of the SMB featured 23 secondary market opportunities across the region.
The final quarter of 2015 and first quarter of 2016 saw further evidence of limited partners looking to use secondaries to re-position their portfolios. JLL expects this will be a significant theme for the remainder of 2016 as funds with active strategies across the region mature further and certain markets in the region approach cyclical peaks. Market conditions support an active secondary market in 2016, as a wide range in limited partner investment strategies will be supportive of trades at attractive pricing, especially between core and core plus buyers seeking scale and capital deployment and more active value add/opportunistic investors who may be looking to trade out of maturing positions.
National Director, Corporate Finance, Australia.