Introduction:

The first AsiaConference of the FondsForum-Platform took place in Frankfurt on 17/18 June 2025, bringing together institutional investors and industry leaders to explore real estate opportunities across Asia Pacific. The conference was made possible through the dedication of Jun Ho Lee, Dr. Karsten Lieser, and Hubertus Bäumer, who not only moderated the two-day program but also played a key role in bringing participants together and shaping the event’s content and structure. The conference was opened by Oliver Strumpf, Founder of the FondsForum-Platform, who emphasized the goal of building a bridge between European capital and Asia’s institutional real estate market.

First conference day:

Tuan Huynh, Chief Investment Strategist for DACH and Eastern Europe at BlackRock Investment Management (UK) Limited, outlined five transformative global forces: decarbonization, digital disruption, geopolitical fragmentation, demographic change, and the restructuring of financial systems. He advised investors to move away from static allocations and adopt tactical, data-driven strategies, emphasizing BlackRock’s preference for U.S. and Japanese equities, private credit, and short-term bonds.

Paul Tham, Group Chief Financial Officer at CapitaLand Investment, described the APAC region as both structurally advanced and demographically young, citing Japan, Australia, South Korea, and Singapore as mature markets, and India as a high-growth opportunity. He highlighted themes such as urbanization, aging populations, AI integration, and supply chain restructuring as key drivers of real estate value in the region.

Alexander Hoffmann, Senior Investment Leader at Partners Group, moderated a panel exploring how real estate strategies have matured in Asia. John Saunders, Chief Executive Officer at LINK Real Estate Partners, explained his firm’s focus on developed markets and his „nirvana” of achieving value-add returns within upper core-plus risk parameters. Guy Sainsbury, Director of Product & Strategy at Savills Investment Management, emphasized hands-on value creation over beta-driven returns, noting opportunities in Japan’s data centers and multifamily housing. Alan Tan, Managing Director and Head of Special Projects, Private Capital Markets at CapitaLand Investment, endorsed value-add strategies supported by strong local operating teams.

Second conference day:

Susanne Pamin, Managing Director at CBRE Capital Advisors GmbH, led a discussion on global capital flows into APAC. Gweyn Foo, Managing Director at MEC Global Partners Asia (part of Mitsubishi Estate Group), noted that Japan, Australia, and Singapore now account for the majority of institutional returns in the region. She highlighted rising investment from Japanese institutions and family offices, while emphasizing the need for managers to differentiate in a crowded capital environment.

In a session moderated by Dr. Karsten Lieser, Joe Gagnon, Partner and Co-Head at Rava Partners, described his firm’s private equity-style approach and stated that Asia, home to two-thirds of global growth, is critical to long-term portfolio construction. Axel Drwenski, Head of Research & Strategy Real Assets at Helaba Invest Kapitalanlagegesellschaft mbH, identified his “APAC core” as Japan, Australia, Singapore, and South Korea, while expressing concern about China’s political risk and currency volatility.

Tom Lee, Co-Head of Acquisitions Asia Real Estate at KKR, hosted a panel where Broderick Storie, Partner and Co-Head of Real Assets at PAG, warned against Chinese exposure due to macro instability and promoted real estate debt as the best opportunity in the current cycle. Clemens Schaefer, Head of Real Estate Europe, Alternatives at DWS, highlighted Australia’s low leverage and Japan’s structural resilience. Max Golopol, Vice President, International Real Estate at QuadReal Property Group, pointed to high Japanese valuations and challenges in Korean cold storage, while favoring Australian private credit.

Shaowei Toh, Head of Research & Strategy APAC at Savills Investment Management, challenged assumptions about emerging Asia’s dominance, emphasizing that developed APAC markets – Japan, Australia, South Korea – remain vital due to strong liquidity and demographic support. He noted Japan’s internal migration to major cities and Australia’s population growth as drivers of long-term stability.

Laurie Woolmer, Managing Director at Townsend Group, presented the rise of Asian real estate secondaries as an emerging, inefficient space. He pointed to steep discounts, limited competition, and growing activity in GP-led recapitalizations as reasons for investor interest in this space.

David Fassbender, Managing Director, Head of Japan and Senior Portfolio Manager Asia Value Partners at PGIM Real Estate, contrasted U.S. and Asian office markets. While hybrid work challenges persist in the U.S., cities like Tokyo, Seoul, Sydney, and Singapore are seeing consistent office usage, stable rents, and strong recovery due to quality flight and tight supply.

Ines Victoria Weber, Business Developer at Helaba Invest Kapitalanlagegesellschaft mbH, led a panel on navigating Asia’s diversity. Ben Aiken, Managing Director, Portfolio Management at J.P. Morgan Asset Management, shared experience sourcing from non-core developers across Japan and New Zealand. Zachary McAfee, Managing Director at BentallGreenOak, focused on discounted acquisitions in Japan for later sale to core investors. Sam McConnell, Portfolio Manager at Sentinel, emphasized Australia’s build-to-rent sector and the importance of falling construction costs and macro drivers.

Jing Ding (JD) Lai, CEO and CIO APAC at M&G Real Estate, highlighted growing institutional demand for residential assets – multifamily, co-living, and student housing –driven by demographics and low market penetration in Japan, Australia, and South Korea.

Julian Menegazzo, Head of Australian Investments at LINK Real Estate Partners, emphasized Sydney’s logistics sector, citing low vacancy, strong infrastructure, and e-commerce growth as long-term strengths.Maximilian Kube, Director at Real I.S. Australia Pty Ltd, noted solid prospects in Sydney’s fringe office markets like Surry Hills and Tech Central, driven by tech tenants and urban development.

Dr. Marian Berneburg, Head of Alternatives at Evangelische Zusatzversorgungskasse Darmstadt, moderated a panel on APAC’s living and logistics sectors. Jing Ding (JD) Lai, CEO and CIO APAC at M&G Real Estate, advocated for developed markets and selective build-to-rent development. Hamish MacDonald, CIO & Head of APAC Real Estate at BlackRock Investment Management (UK) Limited, highlighted demand for last-mile logistics in Australia and serviced apartments in Singapore. Shaowei Toh, Head of Research & Strategy APAC at Savills Investment Management, backed developed markets but cautioned on China. Tjarko Edzes, Chief Capital Officer at Scape, discussed expanding into Japan and South Korea, focusing on student housing.

Tom Lee, Co-Head of Acquisitions Asia Real Estate at KKR, opened day two with a keynote highlighting APAC’s uncorrelated markets and structural growth themes such as digitalization and decarbonization. He stressed the importance of local teams to navigate complexity and unlock regional opportunities.

In a strategy panel moderated by Dr. Karsten Lieser, Bettina Siegel, Head of Transactions Real Assets at Helaba Invest Kapitalanlagegesellschaft mbH, emphasized the value of trusted local partners. David Chen, Head of Asia-Pacific at J.P. Morgan Asset Management Real Assets (Asia), recommended diversified open-ended funds for new entrants. Milan Khatri, Head of Research at LINK Real Estate Partners, voiced skepticism about India’s institutional depth.

Thomas Morizet, Co-Head of EMEA Private Assets at MSCI, stressed the need for better benchmarking and transparency as allocations to APAC increase. Katrin Bernshausen, Partner at KPMG AG Wirtschaftsprüfungsgesellschaft, outlined key tax structures for German investors in Australia, Japan, and South Korea. Marco Simonis, Partner at Clifford Chance, discussed quota compliance and structuring tools like Luxembourg note wrappers to optimize cross-border investment.

In a panel led by Yvonne Siew, Managing Director at CapitaLand Investment, Byungil (B.I.) Chin, Head of Global Investment Team at Samsung SRA, highlighted the importance of capable managers in unfamiliar markets. Doohyeong Lee, Senior Manager at National Agricultural Cooperative Federation, emphasized using debt to gain initial exposure abroad. Eduard Wehry, Head of Asia Pacific Business Development at PGIM Real Estate, identified Australia as their primary debt market due to limited competition and flexibility.

The closing panel, moderated by Sven Schaltegger, Senior Portfolio Manager at UBS Asset Management Switzerland, reflected on long-term trends. Benedikt Gabor, Head of Real Estate Department at Nordrheinische Ärzteversorgung, stressed transparency and AI integration. Broderick Storie, Partner and Co-Head of Real Assets at PAG, warned of secular value decline in China and emphasized digital infrastructure. Paul Keogh, Managing Director at Morgan Stanley Real Estate Investment, confirmed their firm is exiting China due to weakening fundamentals despite remaining liquidity.