Baring PE Asia’s real estate arm makes second exit in Philippines

Source: Global Gateway Development Corp.

BPE Asia Real Estate, a unit of Hong Kong-based Baring Private Equity Asia, has achieved its second successful investment exit in the Philippines reaping 24 per cent internal rate of return (IRR) in US dollar terms and net of taxes, a report said.

BPE Asia Real Estate alongside Hong Kong-based investment manager ADM Capital, have been paid off through the sale of the entire 177-hectare mixed-use park Global Gateway Logistics City (GGLC) to a Philippine developer, which valued the park for over $750 million, PERE News reported.

GGLC is a master-planned office and logistics district strategically located next to the Clark International Airport, which is situated outside greater Metro Manila.

The project, which began in 2015, is said to be one of the largest investments made by foreign investors in the Philippine real-estate sector, with the goal to transform Clark Freeport into a new office and logistics hub.

BPE Asia Real Estate and ADM Capital provided capital to develop the park’s first two office buildings after both loaned $150 million which was placed against the project’s entire assets and used to both pay off an existing senior loan.

This latest exit is the third overall for BPE Asia Real Estate’s $350 million debut fund that it raised in March 2015. Its first one in the Philippines was the AccraLaw office tower in Manila which it sold for around $75 million, or at a 31 per cent IRR (also net of tax and currency hedging) back in 2016, according to PERE.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.