APG Asset Management, the Dutch pension fund asset manager, has appointed Graeme Torre to head its private real estate practice in Asia Pacific.
Based in Hong Kong, Torre will also join the board of APG Investments Asia and APG Asset Management’s global real estate management team. He officially started his role in late November, PERE understands.
Torre’s appointment for the leadership position comes a few months after Sachin Doshi left APG Asset Management end-August to set up his own entrepreneurial venture. Doshi headed the investor’s non-listed real estate portfolio in the region for four years.
Torre was previously managing director for Asia Pacific at Inveso Real Estate, where he played an instrumental role in launching the investment manager’s core strategy in the region. In the past, he was also the head of Asia real estate at AIG, which was ultimately acquired by Invesco in 2011, as well as leading Henderson Global Investors’ Asia Pacific real estate operations.
At APG Asset Management, Torre will take on the mantle of managing the investor’s Asia Pacific private real estate portfolio in excess of $5 billion in direct assets, club deals, joint ventures and indirect fund investments.
APG’s key deals this year included the purchase of a 25 percent stake, valued at around A$450 million, in Australian developer and investment manager Lendlease’s retirement living business in Australia.
The transaction, announced in October, was followed by APG Asset Management making a $175 million re-up to Virtuous Retail South Asia, the India retail platform set up in partnership with the Xander Group. APG has so far committed around $450 million in equity to VRSA, making the retail sector its biggest investment bet in India.