HKMA’s Exchange Fund Looks to European Core Real Estate
26. Jul, 2011
According to various sources, the Hong Kong Monetary Authority through its exchange fund is planning to purchase around $500 million worth of commercial office properties in London and Paris. These properties will most likely be fully leased and in high traffic areas. Norway’s Oil Fund has already made strides in core property assets in London and Paris. HKMA has a growing asset base and it is increasing exposure to core real estate. HKMA has already made an investment in real estate through JP Morgan Asset Management. JP Morgan Asset Management made a US$ 416 million (£ 259 million) acquisition in London office property called 10 Aldermanbury Square from CommerzReal.
According to the CIC press release, “CIC recently appointed Mr. John Mack and Mr. Joseph Yam as members of its International Advisory Council (“the Council”), to serve a term of two years. Meanwhile Mr. Arminio Fraga and Mr. Lawrence Lau resigned from the Council due to personal reason or concern on potential conflict of interest in business.
