GE Capital’s UK arm gains Hong Kong mandate

GE Capital Real Estate UK has been awarded a mandate to look for investments for the Hong Kong Monetary Authority.

GE, which is headed in the UK by managing director Ilaria del Beato, has been a direct investor for many years but recently launched a global investment management business.

The HKMA is the government authority in Hong Kong responsible for maintaining  the city state’s monetary and banking stability. It invests in a range of assets via its Exchange Fund.

It is thought to be looking for large property assets valued at £100m-plus. A wave of Asian sovereign wealth funds and large pension funds has targeted London in the past two years.

They include Malaysian state-owned investment agency Permodalan Nasional Berhad, which is advised by Knight Frank; the National Pension Service of Korea, which appointed Rockspring to advise it in Europe; and Malaysia’s Employees Provident Fund, advised by RREEF and CBRE Global Investors.

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