Muristek
Key asset owners of South Korea are eyeing logistics centers and multifamily housing for real estate investing while planning to reduce exposure to hotels and retail, a survey of major limited partners found. The LPs picked core plus as the preferred strategy, the survey showed.The Korea Economic Daily conducted a survey of 26 limited partners in Korea on their alternative investment and manager selections. The LPs manage a combined 381.1 trillion won ($305.2 billion) in alternative assets, which account for an average of 28.4% of their total AUM. Some 23 out of the LPs currently manage 66.1 trillion won ($52.9 billion) in overseas private real estate.To view responses of individual institutions on their alternative asset allocation and fund manager selection, please visit Asset Owners Report. Real estate is the least-favored asset class for alternative investment, according to the survey. Only 46.2% will increase exposure to global real estate, while 61.5%, 69.2% and 76.9% will ramp up exposure to global private equity, debt and infrastructure, respectively. .j-chart {font-family: 'Noto Sans KR', sans-serif; margin-top: 30px;} .j-chart-txt-div {/*margin-left: 5%;*/} .j-chart-h5 {font-size: 21px; font-weight: 600; margin-bottom: 20px; letter-spacing: -0.2px;} .j-chart-h6 {font-size: 15px; font-weight: 400; margin:-5px 0 20px 0} .j-chart-p {display: flex; justify-content: space-between;} .j-chart-p p {font-size: 13px; font-weight: 300; margin-bottom: 0!important; margin-top: 0px;} .j-chart-sub-p {display: flex; margin-left: 6%;} .j-chart-sub-p p {font-size: 14px; font-weight: 400; color: #374140; margin-bottom: 0!important; width: 50%; text-align: center; padding-bottom: 0px;} .d-pc-none {display: none!important} .d-pc-block {display: block!important} .txt-center {text-align: center; margin-top: 50px} @media screen and (max-width: 765px) { .j-chart-txt-div {margin-left: 0%;} .j-chart-p {display:block; } .j-chart-p p {margin-top: -6px;} .j-chart-h6 {margin:2px 0 20px 0} .j-chart-sub-p {margin-left: 10%;} .j-chart-sub-p p {font-size: 13px; padding-bottom: 10px;} .j-chart-h5 {font-size: 22px} .txt-center {text-align: left; margin-top: 20px} .d-pc-none {display: block!important} .d-pc-block {display: none!important} } Whether to increase overseas RE exposure Unit: % var jchartpie = document.getElementById('j-myChart3'); var labels= ['Increase', 'Hold', 'Decrease', 'No response'] new Chart(jchartpie, { type: 'pie', data: { datasets: [{ data: [46.2, 34.6, 15.4, 3.8], backgroundColor: ["rgba(29, 178, 246, .2)","rgba(244, 86, 74, .2)","rgba(152, 201, 92, .2)","rgba(255, 199, 32, .2)"], borderColor: ["rgba(29, 178, 246, .7)","rgba(244, 86, 74, .7)","rgba(152, 201, 92, .7)","rgba(255, 199, 32, .7)"], borderWidth: 1, }], labels: labels, }, options: { tooltips: { titleFontSize: 17, bodyFontSize: 13, }, responsive: true, legend: { position: 'top' }, responsiveAnimationDuration: 0, // 크기 변경후 다시뜨는 애니메이션 시간 0초 plugins: { deferred: {enabled: false}, datalabels: { color: '#171717', font: { weight: 'bold', size: 16 }, //anchor: 'end', //clamp: 'true', //align: 'end', padding: 5, borderRadius : 15, //anchor: 'top', formatter: function(value, context) { return (value > 0) ? value+ "%" : null //data가 10 미만이면 숫자 값은 출력되지 않습니다. }, }, } } }) The LPs' preferred sectors underscored the impact of COVID-19 on each property type. Some 73.1% and 61.5% will bulk up exposure to logistics centers and multifamily housing, respectively. Meanwhile, 69.2% and 65.4% will reduce exposure to the retail and hotel sectors, respectively. None of the respondents will increase investment in these two sectors, the survey found. Exposure to RE by property type Unit: % var ctx = document.getElementById("j-myChart1").getContext('2d'); var myChart = new Chart(ctx, { type: 'horizontalBar', data: { labels: ['Office', 'Hotel', 'Residential', 'Retail', 'Industrial', 'Logistics', 'Multifamily', 'Mixed use', 'Others (seniour housing, data center)'], datasets: [{ label: 'Increase', backgroundColor: "rgba(29, 178, 246, .2)", borderColor: "rgba(29, 178, 246, .7)", borderWidth: 1, data: [19.2, 0, 50.0, 0, 53.8, 73.1, 61.5, 7.7, 34.6], }, { label: 'Hold', backgroundColor: "rgba(244, 86, 74, .2)", borderColor: "rgba(244, 86, 74, .7)", borderWidth: 1, data: [57.7, 23.1, 30.8, 19.2, 23.1, 7.7, 19.2, 57.7, 34.6], }, { label: 'Decrease', backgroundColor: "rgba(152, 201, 92, .2)", borderColor: "rgba(152, 201, 92, .7)", borderWidth: 1, data: [11.5, 65.4, 7.7, 69.2, 11.5, 7.7, 7.7, 23.1, 11.5], }, { label: 'No response', backgroundColor: "rgba(255, 199, 32, .2)", borderColor: "rgba(255, 199, 32, .7)", borderWidth: 1, data: [11.6, 11.5, 11.5, 11.6, 11.6, 11.5, 11.6, 11.5, 19.3] } ], }, options: { segmentShowStroke: false, responsive: true, scales: { xAxes: [{ stacked: true, gridLines: { display: false, }, ticks: { beginAtZero: true, steps: 10, stepValue: 5, //min: 0, max: 100, }, }], yAxes: [{ stacked: true, ticks: { beginAtZero: true, steps: 10, stepValue: 5, //min: 0, //max: 17, fontWeight: 'bold', fontSize: 14, fontColor: 'black' }, }] }, tooltips: { titleFontSize: 17, bodyFontSize: 13, filter: function (tooltipItem, data) { var label = data.labels[tooltipItem.index]; console.log(tooltipItem, data, label); if (label == "Red") { return false; } else { return true; } }, //특정 단어 덧대는 툴팁 방법 /*tooltips: { titleFontSize: 17, bodyFontSize: 13, callbacks: { label: function(tooltipItem) { return "$" + Number(tooltipItem.yLabel) + " and so worth it !"; } },*/ }, maintainAspectRatio: true, legend: { display: true, position: 'top', padding: 10, border: 0 }, plugins: { deferred: {enabled: true, delay: 400}, datalabels: { color: '#171717', borderWidth: 0.7, borderColor: false, borderRadius : 5, //anchor: 'end', //scales: 'left', //align: 'end', //clamp: 'true', backgroundColor: false, padding: 8, //offset: -55, font: { //weight: 'bold', size: 13 }, formatter: function(value, context) { if(value < 5) { return null } else { return value + '%' } }, }, }, } }); var ctx = document.getElementById("j-myChart2").getContext('2d'); var myChart = new Chart(ctx, { type: 'bar', data: { labels: ['Office', 'Hotel', 'Residential', 'Retail', 'Industrial', 'Logistics', 'Multifamily', 'Mixed use', 'Others (seniour housing, data center)'], datasets: [{ label: 'Increase', backgroundColor: "rgba(29, 178, 246, .2)", borderColor: "rgba(29, 178, 246, .7)", borderWidth: 1, data: [19.2, 0, 50.0, 0, 53.8, 73.1, 61.5, 7.7, 34.6], }, { label: 'Hold', backgroundColor: "rgba(244, 86, 74, .2)", borderColor: "rgba(244, 86, 74, .7)", borderWidth: 1, data: [57.7, 23.1, 30.8, 19.2, 23.1, 7.7, 19.2, 57.7, 34.6], }, { label: 'Decrease', backgroundColor: "rgba(152, 201, 92, .2)", borderColor: "rgba(152, 201, 92, .7)", borderWidth: 1, data: [11.5, 65.4, 7.7, 69.2, 11.5, 7.7, 7.7, 23.1, 11.5], }, { label: 'No response', backgroundColor: "rgba(255, 199, 32, .2)", borderColor: "rgba(255, 199, 32, .7)", borderWidth: 1, data: [11.6, 11.5, 11.5, 11.6, 11.6, 11.5, 11.6, 11.5, 19.3] } ], }, options: { segmentShowStroke: false, responsive: true, scales: { xAxes: [{ stacked: true, ticks: { beginAtZero: true, steps: 10, stepValue: 5, //min: 0, max: 100, fontSize: 12, fontColor: 'black' }, }], yAxes: [{ stacked: true, ticks: { beginAtZero: true, steps: 10, stepValue: 5, //min: 0, max: 100, fontWeight: 'bold', fontSize: 12, fontColor: 'black' }, }] }, tooltips: { titleFontSize: 15, bodyFontSize: 12, filter: function (tooltipItem, data) { var label = data.labels[tooltipItem.index]; console.log(tooltipItem, data, label); if (label == "Red") { return false; } else { return true; } }, //특정 단어 덧대는 툴팁 방법 /*tooltips: { titleFontSize: 17, bodyFontSize: 13, callbacks: { label: function(tooltipItem) { return "$" + Number(tooltipItem.yLabel) + " and so worth it !"; } },*/ }, maintainAspectRatio: true, legend: { display: true, position: 'top', padding: 10, border: 0 }, plugins: { deferred: {enabled: true, delay: 400}, datalabels: { color: '#171717', borderWidth: 0.7, borderColor: false, borderRadius : 5, //anchor: 'end', //scales: 'left', //align: 'end', //clamp: 'true', backgroundColor: false, padding: 8, //offset: -55, font: { //weight: 'bold', size: 13 }, formatter: function(value, context) { if(value < 5) { return null } else { return value + '%' } }, }, }, } }); For overseas real estate investment strategy, core plus topped the list with 57.7%, followed by value-add with 38.5%. Some 61.5% said they will maintain their current core strategy exposure. Development, secondary and opportunistic & distressed were the least-favored strategies. Exposure to RE by strategy Unit: % var ctx = document.getElementById("j-myChart4").getContext('2d'); var myChart = new Chart(ctx, { type: 'horizontalBar', data: { labels: ['Core', 'Core+', 'Value-add', 'Opportunistic & Distressed', 'Development', 'Secondary'], datasets: [{ label: 'Increase', backgroundColor: "rgba(29, 178, 246, .2)", borderColor: "rgba(29, 178, 246, .7)", borderWidth: 1, data: [23.1, 57.7, 38.5, 15.4, 11.5, 11.5], }, { label: 'Hold', backgroundColor: "rgba(244, 86, 74, .2)", borderColor: "rgba(244, 86, 74, .7)", borderWidth: 1, data: [61.5, 26.9, 30.8, 34.6, 38.5, 42.3], }, { label: 'Decrease', backgroundColor: "rgba(152, 201, 92, .2)", borderColor: "rgba(152, 201, 92, .7)", borderWidth: 1, data: [3.8, 3.8, 11.5, 34.6, 38.5, 34.6], }, { label: 'No response', backgroundColor: "rgba(255, 199, 32, .2)", borderColor: "rgba(255, 199, 32, .7)", borderWidth: 1, data: [11.6, 11.6, 19.2, 15.4, 11.5, 11.6], } ], }, options: { segmentShowStroke: false, responsive: true, scales: { xAxes: [{ stacked: true, gridLines: { display: false, }, ticks: { beginAtZero: true, steps: 10, stepValue: 5, //min: 0, max: 100, }, }], yAxes: [{ stacked: true, ticks: { beginAtZero: true, steps: 10, stepValue: 5, //min: 0, //max: 17, fontWeight: 'bold', fontSize: 14, fontColor: 'black' }, }] }, tooltips: { titleFontSize: 17, bodyFontSize: 13, filter: function (tooltipItem, data) { var label = data.labels[tooltipItem.index]; console.log(tooltipItem, data, label); if (label == "Red") { return false; } else { return true; } }, //특정 단어 덧대는 툴팁 방법 /*tooltips: { titleFontSize: 17, bodyFontSize: 13, callbacks: { label: function(tooltipItem) { return "$" + Number(tooltipItem.yLabel) + " and so worth it !"; } },*/ }, maintainAspectRatio: true, legend: { display: true, position: 'top', padding: 10, border: 0 }, plugins: { deferred: {enabled: true, delay: 400}, datalabels: { color: '#171717', borderWidth: 0.7, borderColor: false, borderRadius : 5, //anchor: 'end', //scales: 'left', //align: 'end', //clamp: 'true', backgroundColor: false, padding: 8, //offset: -55, font: { //weight: 'bold', size: 13 }, formatter: function(value, context) { if(value < 5) { return null } else { return value + '%' } }, }, }, } }); var ctx = document.getElementById("j-myChart5").getContext('2d'); var myChart = new Chart(ctx, { type: 'bar', data: { labels: ['Core', 'Core+', 'Value-add', 'Opportunistic & Distressed', 'Development', 'Secondary'], datasets: [{ label: 'Increase', backgroundColor: "rgba(29, 178, 246, .2)", borderColor: "rgba(29, 178, 246, .7)", borderWidth: 1, data: [23.1, 57.7, 38.5, 15.4, 11.5, 11.5], }, { label: 'Hold', backgroundColor: "rgba(244, 86, 74, .2)", borderColor: "rgba(244, 86, 74, .7)", borderWidth: 1, data: [61.5, 26.9, 30.8, 34.6, 38.5, 42.3], }, { label: 'Decrease', backgroundColor: "rgba(152, 201, 92, .2)", borderColor: "rgba(152, 201, 92, .7)", borderWidth: 1, data: [3.8, 3.8, 11.5, 34.6, 38.5, 34.6], }, { label: 'No response', backgroundColor: "rgba(255, 199, 32, .2)", borderColor: "rgba(255, 199, 32, .7)", borderWidth: 1, data: [11.6, 11.6, 19.2, 15.4, 11.5, 11.6], } ], }, options: { segmentShowStroke: false, responsive: true, scales: { xAxes: [{ stacked: true, ticks: { beginAtZero: true, steps: 10, stepValue: 5, //min: 0, max: 100, fontSize: 12, fontColor: 'black' }, }], yAxes: [{ stacked: true, ticks: { beginAtZero: true, steps: 10, stepValue: 5, //min: 0, max: 100, fontWeight: 'bold', fontSize: 12, fontColor: 'black' }, }] }, tooltips: { titleFontSize: 15, bodyFontSize: 12, filter: function (tooltipItem, data) { var label = data.labels[tooltipItem.index]; console.log(tooltipItem, data, label); if (label == "Red") { return false; } else { return true; } }, //특정 단어 덧대는 툴팁 방법 /*tooltips: { titleFontSize: 17, bodyFontSize: 13, callbacks: { label: function(tooltipItem) { return "$" + Number(tooltipItem.yLabel) + " and so worth it !"; } },*/ }, maintainAspectRatio: true, legend: { display: true, position: 'top', padding: 10, border: 0 }, plugins: { deferred: {enabled: true, delay: 400}, datalabels: { color: '#171717', borderWidth: 0.7, borderColor: false, borderRadius : 5, //anchor: 'end', //scales: 'left', //align: 'end', //clamp: 'true', backgroundColor: false, padding: 8, //offset: -55, font: { //weight: 'bold', size: 13 }, formatter: function(value, context) { if(value < 5) { return null } else { return value + '%' } }, }, }, } }); By tranche, senior secured loans ranked top -- 30.8% will expand exposure and 53.8% will hold their current exposure to such debt. Subordinated loans were the least preferred, scoring just 11.5%. Some 50% will hold their current exposure to subordinated debt and 26.9% will reduce it.In the multiple-choice section, closed-end funds were the most-selected real estate investment method, selected by 50% of those polled. Direct investment, joint ventures and open-end funds jointly ranked second, each with 11.5%.By region, 46.2% of the respondents will expand real estate investment in North America and Europe. Only 19.2% will increase exposure to Asia, while 30.8% plan to cut real estate investment to the region.Asked how many global real estate funds they will choose this year, 38.5% of the LPs will make new commitments to four or more funds. Another 19.2% and 11.5% will invest in three and two real estate funds, respectively.To view responses of individual institutions on their alternative asset allocation and fund manager selection, please visit Asset Owners Report.Participants in this survey are as follows:Public pensions and SWFNational Pension ServiceKorea Investment CorporationKorea Post - savings bureauKorea Post - insurance bureauGovernment Employees Pension ServiceTeachers' PensionMutual aids & associationsKorean Federation of Community CreditKorea Teachers' Credit UnionPublic Officials Benefit AssociationYellow Umbrella Mutual Aid FundKorea Scientists & Engineers Mutual AidMilitary Mutual Aid AssociationInsuranceHanwha Life InsuranceKyobo Life InsuranceShinhan Life InsuranceSamsung Fire & Marine InsuranceNongHyup Life InsuranceDB InsuranceHyundai Marine & Fire InsuranceKB InsuranceMirae Asset Life InsuranceMeritz Fire & Marine InsuranceABL Life InsurancePrudential Life InsuranceLotte InsuranceNongHyup Property & Casualty InsuranceBy Chang Jae Yooyoocool@hankyung.comJihyun Kim edited this article.
Most Read