Abu Dhabi Investment Authority (ADIA), the preeminent sovereign wealth fund of the United Arab Emirates, has deepened the bench of its Asia real estate team with a senior hire from real estate investment management giant CBRE Global Investors.
Peter Kim, CBRE Global’s head of acquisitions for the region, left the firm last Friday, according to a note circulated to colleagues. He is expected to assume his new role in the second quarter after relocating to the Emirate – a prerequisite of joining the state fund.
Kim will report to Rob Walker, ADIA’s head of Asia, and will work closely with Todd Rhodes, another senior portfolio manager and recent hire from Silverlake Real Estate Partners. He will be responsible for both the state fund’s existing Asia real estate assets and for new investments.
His arrival is understood to bring the Asia real estate focused contingent of ADIA’s 120-plus real estate division headcount to 12 professionals.
He joins ADIA after it merged its real estate and infrastructure divisions. In its annual review published last year, the state fund said it was part of a wider effort to streamline and integrate various departments. It means the enlarged real and infrastructure departments will be responsible for between 6 percent and 15 percent of ADIA’s assets under management – between 5 percent and 10 percent on the real estate side and between 1 percent and 5 percent on the infrastructure side.
According to the research provider and industry body Sovereign Wealth Fund Institute, ADIA currently manages $627 billion of assets in total.
While at CBRE Global, Kim was responsible for overseeing the Phoenix Real Estate Fund, a $772 million Tokyo-based pan-Asia real estate opportunity fund inherited by ING Real Estate Investment Management (ING REIM) in 2009 after its previous manager, New City Corp fell into financial difficulties. The fund came under the management of CBRE Global after it acquired ING REIM in 2011.
Kim spent 11 years working in the investment banking and fixed income divisions at collapsed Wall Street bank Lehman Brothers. There, he worked on equity and debt financings, mergers and acquisitions and principal investments. He last held the position of head of Asia real estate investment banking.
ADIA decline to comment.