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Report: MGPA looking to invest in Malaysia

The firm reportedly intends to acquire more properties in Malaysia through its Asia Fund III, which raised $3.9 billion in equity at final close last year.

Private equity real estate firm MGPA will acquire more properties in Malaysia, via its Asia Fund III, Michael Wilkinson, MGPA’s chief executive officer for Asia developments, told Business Times.

The firm intends to invest in integrated and stand alone properties, land, old buildings that require complete makeovers and real estate companies, Wilkinson reportedly said.  

“We are reviewing some opportunities now, but can’t comment further until the deals are done. We are looking quite broadly in Malaysia”, Wilkinson told the newspaper. The current situation is a short-term cyclical occurrence and MGPA will not sell its Malaysian properties for now, he added.

MGPA Asia Fund III closed on $3.9 billion in June 2008. The fund has already committed $2.2 billion to investments in Singapore, Japan, China and Thailand in the office, retail, residential, hotel and logistic sectors. The fund is also considering opportunities in South Korea, Malaysia, Taiwan and Australia.

The firm’s first investment in Malaysia was the RM790 million ($218.4 million) acquisition of a mixed use complex in the Jalan Ampang district of Kuala Lumpur in 2006, which has a combined gross floor area of 2.2 million square feet.

The investment was made out of the MPG Fund II, which closed on $1.3 billion of equity in September 2005.

Owned by its senior management team and the Macquarie Group, MGPA is headquartered in Bermuda with offices throughout Europe and Aisa. It manages $11 billion in assets in these two regions.