| | JUNE 20238IN FOCUSFRASERS HOSPITALITY TO EXPAND INTO CHINA AND JAPANMORGAN STANLEY INVESTMENTS NAMES MICHAEL LEVIN AS "HEAD OF MSIM ASIA"Frasers Hospitality, a division of Frasers Property, has announced the launch of two joint ventures in China and Japan with Tishman Speyer and Alyssa Partners, respectively.This transaction entails the purchase of premium rental apartment assets in Shenzhen and Osaka for a total asset value of roughly S$170 million.Long-stay lodging in North Asia has had sustained development and resilience, owing to demographic, economic, and social changes brought about by urban migration.Housing affordability, which has been aggravated by the COVID-19 pandemic, has increased demand for rental flats.The new assets will strengthen Frasers Hospitality's existing portfolio and presence in North Asia."These acquisitions attest to our local teams' extensive business networks and strong deal expertise to source attractive, scalable investment opportunities," said Eu Chin Fen, CEO of Frasers Hospitality.The Shenzhen asset, a 325-unit luxury rental apartment block in the Luohu district, was acquired in collaboration with Tishman Speyer.The site, which is strategically placed near a vital transportation hub, is projected to gain from Luohu's urban renewal ambitions over the next decade. The site is part of a mixed-use development project expected to open in the fourth quarter of 2024.The Osaka property, a 124-unit premium rental apartment block in the Namba neighbourhood, was acquired through a joint venture with Alyssa Partners. With nearly full occupancy, the property is well-positioned to profit from ongoing revitalization efforts and increased demand in the long-stay sector. Morgan Stanley Investment Management ("MSIM") has announced the appointment of Michael Levin as Head of MSIM Asia.Levin will be in charge of the Firm's regional investment management division, with a focus on new market and product prospects. He will work out of Hong Kong.Levin has worked in asset management for over 25 years, most recently as a Managing Director at Goldman Sachs Asset Management. Previously, he worked with Credit Suisse for a decade in numerous prominent positions, including Head of Asset Management for both Asia Pacific and the Americas. Levin began his career at the Man Group and was a Co-Founder of AsiaCrest Capital and Metropolitan Venture Partners.Dan Simkowitz, Head of Investment Management at Morgan Stanley, commented on the appointment: "We are pleased to welcome Michael to MSIM." His appointment underlines our optimism about the Asia asset management opportunity and our commitment to expanding our MSIM platform in the area. Michael will lead our excellent Asia team, and we look forward to capitalising on his extensive experience and relationships to expand our footprint." LEVIN WILL BE IN CHARGE OF THE FIRM'S REGIONAL INVESTMENT MANAGEMENT DIVISION, WITH A FOCUS ON NEW MARKET AND PRODUCT PROSPECTS.
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