Orion manages about US$900m of direct real estate investments on behalf of institutional investors, with offices in Hong Kong, Tokyo, Seoul and Singapore, the buyer said in an announcement. It was purchased for an undisclosed sum.
The move bolsters ASI’s US$56.3bn global real estate business and reflects the company’s ambition to develop and distribute a wider range of Asia Pacific products to meet a greater demand for “new active” investments.
“Today marks the next stage in developing our real estate business by expanding our footprint in Asia Pacific,” said David Paine, global co-head of real estate at ASI.
Kang Puay Ju, head of real estate Asia Pacific and global head of real estate multi-manager at ASI, said the firm’s real estate multi-management business had invested with Orion in the Asia Pacific for more than a decade.
“The addition of the on-the-ground direct real estate teams in Japan, Korea, Hong Kong and Singapore will deepen our local insights and broaden our product suite across the region,” she said.
“The platform’s specialist skillsets and investment experience in offices, aged care and retail properties will prove invaluable to the growth of our real estate offerings.”
The deal sees another European player take the M&A route to boost their presence in the region, following German Patrizia’s acquisition of Kenzo Capital last month.
ASI is the asset management business of Scotland-headquartered investment giant Standard Life Aberdeen.