Composition Capital invests in four Asian projects
Composition Capital Partners has invested in four projects in Macau, Taiwan and Malaysia through its local joint venture partners. The property-focused investor has also exited a Tokyo office development within a year of acquisition.
The Macau projects will see the construction of 30-50 apartments aimed at younger and first-time buyers. Completion is expected within three years. In Malaysia, Composition is involved in the development of 50 condominiums and villas, while in Taipei it has invested in a multi-storey residential building.
"By concentrating on more modest investment sizes, investment periods are shorter, timing and pricing risks are mitigated, and returns quicker to achieve when compared to larger-scale projects," said Joelin Ma, Composition's Asia director. "Joint ventures are a tried and tested formula for Composition. We like them and they will continue to be part of our growth plans in Asia."
Composition has more than $800 million under management, serving approximately 20 institutional investors - mainly pension funds, endowments and foundations - from Europe, Asia and North America.
The firm is currently leading a shareholder revolt against the board of VinaLand - a Vietnam real estate fund - over reorganization plans. Composition claims that the investment manager, VinaCapital, has claimed excessive performance fees based on paper-only profits. It has proposed a realignment of the fee structure and a corporate governance overhaul.
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