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    Disposals for Composition Japanese JV

    Composition’s first Joint Venture in Japan has seen both acquisition and disposal activity since it was founded in summer 2010. By Q1 2013, the partnership has acquired 8 residential assets and 1 office asset and already disposed of 2 residential assets, which realized gross IRRs in excess of 20%.
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    Global Markets - A Bad Thing for Asia?

    It has been a choppy ride for global markets recently: the Federal Reserve’s efforts to pull back on a bond-buying program that propped up markets the past few years; conflicting growth reports from the US, Europe and China; nervousness in emerging markets: all factors which have put investors on edge. Do we think it is all a bad thing though? We actually believe that it will be positive for Asia, as the world normalizes after a bout of ‘steroids’ to heal the global economy. With tapering, the Fed is sending the message that the US economy is on the mend, a development which will benefit Asia’s economies. It presents opportunities for investors to re-enter certain markets that had originally benefitted from the inflow of ‘hot’ money, but not experienced the opposite effect later.

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    Trust But Verify: The Joint Approach

    A joint venture can provide enhanced investment opportunities and results but can also be fraught with disappointment between partners. Good planning and even better execution are the key requirements for a positive experience.

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    China - Reform for More Growth

    As queries arise about China’s capacity to maintain its strong growth rate, we take a look at the background to economic reform in China. And why Composition believes that the government’s plans will secure a strong growth rate going forward, providing a sound base for our real estate investment programs.

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    Facts About Taiwan: Why Invest?

    The Republic of China, more commonly known as Taiwan, is an oceanic nation of 23 million people with a combined area of approximately 36,200 sq km. In the 60 years since Chinese Nationalists retreated to Taiwan, thanks to a series of financial and economic reform by the Nationalist Party, Taiwan has enjoyed rapid industrialization and GDP growth. This growth brought about the ‘Taiwan Miracle’ during the latter half of the 20th century.

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    South Korea - A Reluctant Powerhouse

    South Korea is Asia’s 4th largest economy, the world’s 15th and globally the 9th largest trading country. It has export trade which reaches around the globe. We have here a brief insight into what drives the economy in South Korea and Composition’s views on the opportunities it presents for institutional real estate investment.

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    Composition Capital Public Service Review Local Government Issue 17

    Composition Capital Partners is an independent real estate investment management company. We offer our institutional investors access to international real estate markets through reliable local managers, many of whom would otherwise not be directly available to them.

    Composition Capital EUCCK REC Infomag May 2011 Manager Selection - Reducing the Risk

    Increasingly, institutional investors have invested their mon- ey with local operating partners when going abroad. Clearly as we pointed out in an earlier article in this magazine (see the March 2011 issue), investors such as GIC (Singapore) and CPPIB (Canada) with a substantial allocation to interna- tional real estate markets can invest directly in assets whilst still getting the diversification they are looking for. Other investors may need to enter into funds or club deals to en- sure they have access to a large variety of assets, sectors, investment styles, and geographies.

    Composition Capital EUCCK REC Infomag March 2011 Routes to International Investment

    The decision to invest in real estate outside the domestic market is a daunting prospect for even seasoned real estate players. Basic investment theory still applies, but there are many additional factors which influence investment performance. Local customs, differences in legal relationships between owners & tenant rights and the often complex tax environment are just a few examples that complicate international real estate investing.

    China Confirms Policy Continuity: What is the outlook in 2010?

    The Central Government has decided to continue current proactive fiscal policies and moderately relaxed monetary policies in 2010 to sustain economic recovery. Composition believes that further measures will be incremental, and the Central Government will be very careful in stepping up measures to avoid disrupting the economic stability or recovery that has been achieved after the crisis.

    On Cultural Awareness: Composition’s Approach to Japanese Business Partners

    What a difference it makes!
Having Fumihito Ogasawara on board now for the past year, has really helped us in understanding the Japanese business culture and in becoming more effective in our doings. Business models in Japan are currently under enormous strain and there is massive pressure for reform. Yet change comes slowly to Japan and old traditions and loyalties linger.

    How banks’ “blurred” future is affecting recovery

    Are the new government policies unfolding on the banking sector in fact further delaying the economic recovery? Composition believes that getting lending to SMEs back on bank's agenda is essential in order to return to sustainable growth. What are the regulatory hurdles banks need to overcome to position themselves to start lending again?

    IPE Real Estate October 2011 Investor Forum

    Fear of heights? Is now the time to move up the risk curve and consider value-add strategies? Shayla W'almsley talks to a number of investors, managers and advisers

    Selecting Real Estate Managers after the Crisis

    In the current environment many fund managers find themselves in a difficult position are: the continuing brutal process of de-leveraging, the weak performance of most investment platforms and a prolonged, difficult fundraising environment. As a result, selection of the correct manager will prove difficult for quite some time yet. Through this article we share with you how Composition is assessing the risks associated with the appointment and role of managers.

    London office market witnessing another pricing bubble

    Since the brink of the credit crunch, the Central London office market experienced a rollercoaster ride due to its high reliance on the financial sector (18% of London’s Gross Value Added / 340,000 employees), accounting for 33% of office take-up in 2000-2008. It was the first property market to record a major decline in capital values (-44%) and rental rates (-35%) from peak to trough compared to its European peers (Paris, Frankfurt, and Zurich), but it was also the first to enter the road to recovery since the summer of 2009. Investors are becoming increasingly concerned about the current pricing levels in the Central London office market, expressing fears over a ‘bubble’ forming.

    Solar Energy and Real Estate: Convergence of Investment Strategies in Europe

    Over the past decade, European governments have dedicated an increasing amount of resources to the development and promulgation of solar energy systems. More recently, state-sponsored subsidies for renewable energy production has begun to attract real estate investors looking for alternatives to traditional core investments.

    Sustainability: How to Keep Green in the Black

    Sustainability is a topic where the real estate industry remains engaged in creating appropriate solutions. PRUPIM's Paul McNamara addressed this topic at INREV's 2010 Investor Seminar in Amsterdam. Composition are pleased to be able to make this presentation, which captures the mood of the industry at this time, available to our readers.

    IPE Real Estate October 2011 Sustainabilty

    SUSTAINABILITY Sustainable Investment in Real Estate (s-i-r-e) is conducting an empirical study on the financial performance of sustainable European office and retail assets owned by more than 40 fund managers and investment firms. Juerg Bernet, Sarah Sayce, Rupert Ledl and Maarten Vermeulen report on its first findings

    Composition CSR Seminar in Real Estate Fund Management March 2012

    Composition invites CIOs and Members of the Boards of Dutch pension funds to a lively discussion on Corporate Social Responsible Investing in the real estate industry. Two key speakers, Professor Dirk Brounen, PhD and Nils Kok, PhD will feature at the event on March 22nd at the Geldmuseum in Utrecht

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    Fair Judgment within Fund Management

    Following on from our successful inaugural event in 2011 featuring international hockey coach Marc Lammers, we have pleasure in holding Composition’s 2nd Annual Conference in May 2012, our key-speaker being author of Wilful Blindness, Margaret Heffernan.

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    Full House at Composition's Fair Judgment Conference

    Composition’s 2nd Annual Conference in Amsterdam explored Fair Judgment within Fund Management. Margaret Heffernan, entrepreneur and author of Willful Blindness, delivered the keynote speech followed by a lively discussion with Harry Hummels, Professor in Ethics, Organizations & Society at Maastricht University and Peter Pereira Gray, Managing Director Investment Division at the Wellcome Trust. Over 70 people attended the conference including Composition investors and local operating partners, in town for Composition’s Annual Meeting, and other fund managers, fund of fund managers and attendees of Institutional Real Estate’s VIP conference.

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    Our opinion

    China - Reform for More Growth

    As queries arise about China’s capacity to maintain its strong growth rate, we take a look at the background to economic reform in China. And why Composition believes that the government’s plans will secure a strong growth rate going forward, providing a sound base for our real estate investment programs.
    read more >