Sachin Doshi has become the head of non-listed real estate in Asia for Dutch pension manager Algemene Pensioen Groep (APG), one of the world’s largest real estate institutional investors.
Daan Van Aert, who was instrumental in building up APG’s real estate operation in Asia since opening an office in Hong Kong in 2007, is understood to be leaving the manager. It is currently unclear what his next role will be.
The appointment marks one of the quickest ascents in the Asian private real estate sector in recent years. Doshi joined APG in 2011 as a senior portfolio manager from investment bank Merrill Lynch and was promoted to director at the start of July. He was made head of the platform earlier this month.
He becomes responsible for all aspects of APG’s private real estate investment in Asia, taking charge of a non-listed real estate portfolio in Asia valued at more than €4 billion. He inherits the leadership of a platform that has been a key investor in some of Asia’s most prominent property transactions since the start of the global financial crisis.
On van Aert’s watch APG has participated in a number of high profile deals including an investment in the A$2.5 billion (€1.7 billion; $2.39 billion) privatisation of ING Real Estate Investment Management’s Australian ING Industrial Fund in 2011. His replacement Doshi led APG’s investment in a $200 million residential joint venture in India with Godrej Properties and a commitment to LaSalle Investment Management’s Japan Logistics Fund III, which closed on $431 million in July.
APG currently manages approximately €330 billion of assets on behalf of 4.5 million active and retired participants from the Netherlands’ public and private sectors. Its current allocation to real estate stands at 10 percent.