Schroders buys Hong Kong asset manager Pamfleet

George Sell George Sell Uploaded 03 July 2020

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UK: Asset manager Schroders has has bought control of Hong Kong real estate investment manager Pamfleet, which has serviced apartments and hotels in its portfolio, for an undisclosed sum.

Pamfleet has 19 properties in Hong Kong, Singapore and China, valued at US$1.1 billion, under management. After the purchase, its team of 19 professionals will remain with the company, which will be renamed Schroder Pamfleet. It manages 15 projects in Hong Kong, including the 148-room hotel TraveLodge Central; The Nate, a 13-storey serviced apartment building on Nathan Road in Kowloon; and the 27-storey Bonham Circus commercial building in Sheung Wan.

“Pamfleet’s strong presence within the Asian real estate market as a leader in the value-added style complements the existing Schroders offering within real estate and private assets to provide extra choice for new and existing investors,” said Duncan Owen, global head of Schroder Real Estate.

The move is seen as a vote of confidence of the city’s role as a regional hub for financial and professional management services, as it finds itself the subject of political friction between the US, UK and China.

“Business is business,” said CGS-CIMB Securities’ head of Hong Kong and China research Raymond Cheng. “From the point of investment, Hong Kong still an important city in Asia. The transaction can be seen as a vote of confidence in Hong Kong’s future. To a certain extent, the national security law is effective in restoring the city’s stability. We have seen most property stocks surge today.”

Antonio Wu, deputy managing director of Capital Markets at Colliers International, said: “This absolutely shows that international investors are still very confident about the long-term prospects of Hong Kong’s property market. Pamfleet has a very talented team in both acquisition and asset management, so they can make all the right critical decisions and execute their plans for value-added propositions."

“We will continue to actively target Hong Kong, Shanghai and Singapore,” Andrew Moore, chief executive and co-founder of Pamfleet told the South China Morning Post. “We will also consider the Greater Bay Area and other key cities in China and the rest of Asia.”

 

 

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