PGGM has boosted its investments in Chinese logistics, committing a further $144m (€106m) to a strategy managed by The Redwood Group.The Dutch pension fund asset manager has now invested $270m in the strategy – following an initial €95m investment in 2012 – on behalf of the PGGM Private Real Estate fund.Redwood is targeting Chinese logistics on behalf of the fund in a “develop and hold” approach.It will be able to deploy up to $560m when taking into account a $10m co-investment and leverage, PGGM private real estate senior investment manager, Thijs Schoenaker, told IPE sister publication IP Real Estate. “We feel Chinese logistics property still has much to offer,” he said.“Stock is very limited. Economic growth, urbanisation and the growth of consumption and e-commerce mean demand is still strong.”Redwood, he added, expanded its Chinese operations in the past two years as well as its Singapore-based fund management platform.The firm, Schoenaker said, strengthened its investment processes, integrating ESG factors.PGGM has also committed to Redwood’s Japan Logistics Fund, with Redwood growing its Japanese operations.Schoenaker said, despite concerns over prospects for the Chinese economy, he did not expect a “hard landing” and that PGGM would continue to invest in China.“We are aware it’s slowing down,” he said. “However, the growth is becoming more sustainable over the long term.“The central government is transforming the economy from being export and investment-driven to consumption driven.“Logistics is one of the sectors that will benefit from that, and this investment will contribute to the Chinese economy and the creation of jobs.”PGGM, he said, remained confident in China’s retail sector – a “real long-term business case”.Since 2006, it has invested $600m in a portfolio of 37 malls including offices and residential elements as part of mixed-use schemes via the CapitaMalls China Funds.
2 Jun 2019 Schmidt, 16, becomes youngest-ever Brabazon winner Tags: Alwoodley Golf Club, Brabazon Trophy Yorkshire 16-year-old Ben Schmidt became the youngest-ever winner of the Brabazon Trophy today, finishing on 13-under par and winning by five shots at Alwoodley Golf Club, Leeds.Schmidt pips major winners Sandy Lyle and Charl Schwartzel who were both 17 when they won the English Men’s Open Amateur Stroke Play – one of the most sought-after titles in international men’s amateur golf.“Being the youngest makes it even more special,” said Schmidt, who was under par in all four rounds of the championship, scoring 69 64 69 69.“I’m just so pleased I got over the line, it takes a very long time to play the back nine when you’re in the lead!”The teenager, from Rotherham Golf Club, is the second successive Yorkshire player to win the Brabazon, following Nick Poppleton’s success in 2018 – and the third in the last four years.Schmidt, who was cheered by the large crowd of spectators as he signed off with a par on the 18th, said: “This means so much. It’s nice to keep it in Yorkshire and it was awesome to see so many supporters, friends and family.“I’m just so glad I’ve managed to keep the lead from day two, that’s probably been the toughest part, but I got it done and it’s just amazing!”This was Schmidt’s first appearance in the Brabazon and he took advantage of an exemption gained when he won the 2018 English Boys’ County Champion of Champions tournament.His first goal was to make the cut and he did that in style, taking the lead after the second round when he shot seven-under 64. He held on to the lead after round three, but it was cut to one shot when Cornwall’s Harry Hall set a new course record 63.The two players were paired together for the final round with Schmidt setting out 11-under par and Hall (West Cornwall) 10-under.Hall, 21, made a blistering start, with two birdies in the first three holes to overtake Schmidt. But the teenager took the lead again when he holed a 25-footer for birdie on the fifth, while his rival bogeyed the hole.The players were back on level terms after Schmidt bogeyed the short ninth with an uncharacteristic three-putt. But that was his last mistake. He played the difficult back nine in two-under par, while Hall dropped three shots over the closing holes.The youngster had a four-shot cushion as he played the last and his winning margin was extended when Hall’s par putt horseshoed out of the hole.“I played the back nine really well,” said Schmidt. “Those last five or six holes are really tough and I didn’t do any damage, I hit the centre of the greens and gave myself chances with the putts.”Schmidt, a member of the England boys’ squad, also won the George Henriques Salver awarded to the leading GB&I player aged under 20.Hall was championship runner-up on eight-under par, while Scotland’s Euan Walker was third on seven-under after a closing 66.Click here for full scoresImage copyright Leaderboard Photography