Standard Chartered sells Asian real estate unit

Private equity firm Actis has acquired the Asian principal finance real estate business of Standard Chartered. The unit employs 20 people who manage seven property assets in China, India and South Korea from offices in Shanghai and Seoul. “This is an exciting moment in the history of the firm,” said David Morley, partner and head of real estate at Actis. The firm said it had invested about $3 billion in Asia since it was founded in 2004. The principal finance real estate team was formed in 2010 and is led by Brian Chinappi (Asia head), Thomas Liu (head of Greater China and North Asia), and Ashish Singh (head of India). Reuters reported that Standard Chartered had separately agreed to sell the other part of its principal finance division, one focused on private equity, to Intermediate Capital Group, though the companies have yet to confirm this. ©2018 funds global asia

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