Singapore’s ARA establishes European debt JV

Singaporean asset manager ARA Asset Management has teamed with London-based Venn Partners to created a European real estate debt vehicle. The joint venture marks ARA’s first foray in to the real estate credit market. The asset manager, which manages more than S$83bn (£47bn) in assets worldwide, said it had team up with Venn Partners, a specialist investment manager in European real estate private debt, to “capitalise on the real estate credit market in the region”. Venn, which was founded in 2009, is led by managing partners Gary McKenzie-Smith and Paul House and has around £5bn of assets under management. The proposed JV, ARA Venn, will create and manage funds and other ownership vehicles to invest in real estate credit strategies in Europe and, subject to regulatory approvals, will complete in the first quarter of 2020. ARA has traditionally focused on opportunities in Asia, but has branched out into new markets in recent years. In 2013 it moved into northern Asia with a buyout of Macquarie Real Estate Korea, which the Singapore firm has since used to set up a series of specialised investment vehicles, and in March last year it spent S$317m buying a 19.5% stake in ASX-listed Cromwell Property Group. It currently has assets in 100 cities across 23 countries. To send feedback, e-mail samantha.mcclary@egi.co.uk or tweet @samanthamcclary or @estatesgazette