AEW Asia, the Hong Kong-based subsidiary of Boston-based private real estate firm AEW Capital Management, has opened an office in Sydney, Australia.
Leading AEW’s foray into Australia is Jason Maxwell, a former senior asset manager at Charter Hall, who joins the firm as country manager – Australia.
Maxwell will be responsible for evaluating investment opportunities and building AEW’s platform in Australia. He will report to David Schaefer, managing director and head of AEW Asia.
“Jason’s experience and expertise will better enable AEW to pursue compelling investment opportunities in Asia,” commented Schaefer.
Back in June last year, AEW held a final close on its Value Investors Asia Fund II at $640.2 million, surpassing the $500 million target set at launch in May 2014.
Of this, $50 million is made up of co-investment capital. Investments will be made across key cities in Asia-Pacific, mainly Singapore, Hong Kong, Seoul, Sydney and Shanghai.
AEW plans to execute a similar strategy for Fund II as it used for its predecessor vehicle, investing in office, retail and residential assets.
In July 2013, PERE reported that the AEW’s first Asia-focused fund was fully-exited, with a net internal rate of return north of 13 percent and an equity multiple of 1.42x.