Real Assets, Real People

In this issue of APREA's Real Assets, Real People, we talk to a new generation of leaders to gain insights on their journey in the real assets industry.

Here's Andy Lim, Founder of The Land Managers. The Land Managers (TLM) Holdings is a boutique real estate investment firm with gross assets under management of approximately S$400 million. Part of the JL Family Office (JLFO), TLM invests in value-add and development opportunities in gateway cities globally across all asset classes.

What were you doing before you started your career in real estate/infrastructure? 

I was a corporate real estate lawyer at Allen & Gledhill LLP prior to my first role in private equity real estate.

What inspired you to pursue a career in the real assets industry?

Moving into the investment and private equity side of real estate was a natural progression for me given how real estate has been a large part of my adult life. There is something special about the tangible nature of real estate and its place as a conduit of social interactions which makes it so unique as an asset class.  The whole process from sourcing a deal, adding value to an asset and its eventual successful exit is something which keeps me coming back for more.

What are the key opportunities that you see in the current real assets investment landscape?

This is the year we see a massive paradigm shift happening across the private equity real estate universe. The prospect of higher rates for much longer is starting to weigh on the entire sector and we should see more price moderation in specific sectors like commercial assets across the globe in the second half of this year. We are still bullish on key themes coupled with supply demand dynamics which can ride through such economic headwinds. For example, we like taking some developmental risk on residential build-to-rent assets in key developed markets like the UK and Japan. We also think the supply demand dynamics in the Australian logistics sector provides a window to invest in assets which provide opportunities for value add and floor area intensification.  

What do you do for fun?

I'm an avid golfer and long distance runner! Covid was a great reminder that health is indeed wealth so I started running during Covid and I have now completed two marathons and two half marathons! Age is not a limit!

What lesson or advice can you share with fellow members in APREA?

The whole industry is going though a challenging investment climate. It will be even more critical for investors and asset managers in this cycle to demonstrate value beyond positive carry, requiring a deeper understanding and sharper execution capabilities to generate returns.