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.
RelatedPosts COVID-19: NCAA to revoke erring airlines licence over non-compliance FRSC to Schools: We’ll arrest, prosecute drivers who flout COVID-19 rules Sanwo-Olu: We’re committed to fulfilling promises to Lagosians Usain Bolt has tested positive for coronavirus just days after partying with guests, including England star Raheem Sterling, for his 34th birthday in Jamaica, according to reports in the country.Nationwide90fm, a radio station in Jamaica, reports that the greatest sprinter of all time has contracted the disease and will spend time in self-isolation as a result. The publication claimed that the 34-year-old took a test for the virus a few days ago and discovered on Sunday that he had tested positive for the disease.Bolt attended a surprise birthday party on August 21, which was attended by a host of big names, the Jamaican outlet reports.Manchester City star Sterling, Bayer Leverkusen attacker Leon Bailey and cricket legend Chris Gayle are believed to have been in attendance.The Caribbean island has had a total of 1,413 cases of coronavirus and 16 deaths from the deadly disease.The management for Bolt have been contacted for comment. Tags: Bayern LeverkusenChris GayleCOVID-19CricketJamaicaLeon BaileyManchester CityPartyPositive TestRaheem SterlingUsain Bolt