Yishan creates JVs to tap Indonesia real estate market
Yishan Capital Partners, a Southeast Asia-focused real estate investment and asset management firm, has formed two strategic joint ventures to improve its penetration of the Indonesia market. The Yishan team, which spent more than a decade investing in Europe before turning its attention to emerging markets opportunities, also invests in Singapore, Thailand and Cambodia.
The joint ventures, known as Cornerstone Asset Management and Axiomas Investment Indonesia, are partnerships with Colliers International and Jakarta-based Rodamas Group, respectively.
Yishan and Colliers will look for opportunities in the retail property sector while Rodamas will work with the firm on the development and management of high-specification logistics parks and other industrial properties.
"Indonesia is one of the largest and fastest growing economies globally, yet it continues to present particular challenges for investors seeking exposure to its thriving property market," said John van Oost, managing partner at Yishan. He added that the joint ventures are intended to provide an investment platform that identifies opportunities while mitigating concerns about risk and execution.
The Yishan team, which spun out from French bank Natixis earlier this year, has acquired and managed more than 1,500 properties with an acquisition value exceeding $11 billion. The firm sponsors and manages collective investment schemes in the form of closed-end funds and joint ventures for institutional investors such as pension funds, sovereign wealth funds and insurance companies, as well as for family offices.
Yishan is based out of Singapore but has an office in Jakarta and 14 professionals dedicated to assessing investments on the ground.
Van Oost told AVCJ that the firm's investor base is diverse and predominantly interested in developed markets, but a common interest in exposure to growth - and revenues derived from capital appreciation rather than purely yields - has drawn them to Asia.
Yishan opted for Southeast Asia because it was underpenetrated compared to markets like China and the firm concluded it would have more of a competitive advantage there.
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