As the former managing director of ING's investment management division in Patrick Kanters is a force to be reckoned with. Indeed the managing director of Europe and Asia real estate, at Dutch pension fund ABP (now AGP), is variously described as “being ING's biggest loss”; “understands the market well”; “very thoughtful” and “prepared to explore all ways of getting involved in investing.” The last comment refers to a flexibility of style of investing, including club deals. AGP has approximately €21 billion ($33 billion) in property investments, of which around 35 percent is allocated to non-listed real estate. It began investing in indirect real estate in 1998. Recent co-investments have been with GIC Real Estate to acquire hotels in Europe and with Danish pension fund ATP for a €700 million joint venture with German real estate firm Patrizia to invest in German real estate. Kanters is vocal on matters concerning the LP, GP relationship. He is regularly quoted by INREV, Europe's association for investors in non-listed real estate vehicles, when the association wants to put pressure on GPs over transparency issues. And GPs take note: In two recent interviews with PERE, Kanters said the best proposals that can be put to him are those focused on certain sectors or regions. One of the more recent investments is with Aberdeen Property Investors' Finland fund. “We tend not to prefer very broad pan European funds unless there is added-value for building up a pan European portfolio. I would also advise managers not to try to launch funds that might be conflicting or might have overlapping strategies,” he said. The AGP fund has invested substantial capital in the past six months to various opportunity funds positioning themselves to benefit from the property downturn and has committed to a range of vehicles in Asia as well as core Australian markets.
PATRICK KANTERS 2008-05-01 Staff Writer As the former managing director of ING's investment management division in Patrick Kanters is a force to be reckoned with. Indeed the managing director of Europe and Asia real estate, at Dutch pension fund ABP (now AGP), is variously described as “being ING's biggest