Asian developers continue to invest in Western projects
Large partnerships and acquisitions are placing an increasing amount of Asian capital into US and UK development projects, which will help create future core property assets.
Hines and Goldman Sachs Real Estate Principal Investment Area recently partnered with Singapore-based developer Pontiac Land Group in the ownership of a high-profile residential project expansion at 53 W 53rd Street in New York City, adjacent to the Museum of Modern Art. In addition to the firm’s equity investment, Pontiac Land secured US$860 million of construction financing to be funded by a consortium of Asian banks.
The nearly 70,000-square-metre, 72-storey tower, designed by Pritzker Prize–winning architect Jean Nouvel, will house 145 high-end condominium residences, designed by architect Thierry Despont. In