Deals by Chinese investors dropped 66%
Singapore has overtaken China s the biggest Asian investor in US commercial property.
Bloomberg reports that Singapore is now Asia’s biggest Asian investor in US commercial property after deals by Chinese investors dropped 66%.
According to data from Real Capital Analytics and Cushman & Wakefield Inc, Chinese deals with the US went down $5.9 billion due to regulators cracking down on capital outflows.
Bloomberg also reported sovereign wealth fund GIC Pte accounted for almost three-quarters of the $9.5 billion of Singaporean purchases. Money went to property investment including the U.S. headquarters of Deutsche Bank AG and a portfolio of student accommodation.
Singapore’s investments in the U.S. last year included:
- Buyer Deal Amount ($)
- GIC Acquisition of Monogram Residential Trust, through its stake in a Greystar fund 4.4 billion
- GIC 95% stake in 60 Wall Street (Deutsche Bank HQ) 988 million
- GIC Acquisition of a portfolio of 24 student accommodation assets with CPPIB and The Scion Group 1.1 billion
- Mapletree Investments/ Mapletree Industrial Trust Acquisition of a portfolio of student accommodation assets – 30% stake 750 million
CBRE Group Inc expects Singapore to follow similar trends in 2018. The city-state sits at No.3 in global rankings for US purchasing, just behind Canada and France.