Franklin Real Asset Advisors (FRAA), the real estate investment arm of US-based asset manager Franklin Templeton, is closing its Singapore office due to low deal flow in the Asia Pacific, per a report by PERE.
“While FRAA continues to maintain an important presence in Asia, dealflow has been low in the region and the team currently sees the most attractive investment opportunities in Europe and North America,” the report quoted a company spokesperson as saying.
DealStreetAsia’s email to Franklin Templeton on the move remained unanswered at the time of publishing.
The closure of the Singapore office will lead to the departure of three FRAA executives, the report said. Woon Pin Chong, head of FRAA’s Asia Pacific operations, will leave on 31 January 2020, while senior vice president Wenning Jung and associate Karen Gu will leave next month.
FRAA will retain its Melbourne office in the Asia Pacific, along with other global locations in New York, London, Luxembourg and San Mateo.
Greg Wilkinson, the firm’s Melbourne-based institutional portfolio manager will be the contact for clients in the Asia Pacific, the PERE report said.
FRAA has been actively ramping up its social impact infrastructure investments in Europe. Franklin Templeton Social Infrastructure Fund, a fund managed by FRAA, announced six acquisitions in Europe in July, following three investments in the continent earlier this year.
FRAA offers expertise in private real estate funds, listed infrastructure securities, and listed real estate securities.