COLLIERS has appointed one of its top agents, Lachlan MacGillivray to the new position of managing director, retail capital markets in Asia Pacific.
MacGillivray has led the retail investment services team in Australia for the past 11 years.
He and his team have brokered over USD12.1 billion in retail transactions across Australia and New Zealand. This includes the largest ever retail transaction in the Asia Pacific region for a record USD1.61 billion.
“Owners of significant retail property assets operate on a global stage, and Asia Pacific is a dynamic and fast-growing market. Lachlan will work collaboratively with our market leaders across Asia Pacific to capitalise on these growth opportunities. Combining our global brand, local market experts, and Lachlan’s experience and client relationships we will accelerate the success of our valued clients,” Asia Pacific CEO John Kenny said.
“This move further demonstrates Colliers’ commitment to grow our capital markets business and I look forward to building deeper relationships with major Asian investors looking to enter the Australian retail market,” MacGillivray said.
“We have seen SPH REIT (Westfield Marion and Figtree), Capitaland Trust (Greenwood Plaza & 101 Miller Street) and Link REIT (Queen Victoria Building, The Galleries and Strand) enter the market over the last 24 months, collectively investing circa AUD2 billion (USD1.46 billion).
“AUD12.8 billion (US9.34 billion) was invested in Australian retail in 2021, with our Colliers team responsible for 71% of total transactions valued at greater than AUD200 million (USD146 million). From the 2021 calendar year, 100% of capital was sourced from the Asia Pacific region, with a significant 86% (AUD10.65 billion or USD 7.77 billion) originating from Australia and New Zealand,” he added.
MacGillivray said this historically high percentage was reflective of both strong local appetite and confidence in the market, combined with the inability of Asian investors to travel internationally to Australia.
“We expect to see a significant rebound in Asian investment in the region in 2022 on the back of pent up demand. The total retail investment market itself across Asia Pacific was worth AUD48.38 billion (USD35.32 billion) in 2021.
“All of these factors combine to make it the right time to capitalise on strong demand, whilst also building on our relationships, expertise and capability across the Asia Pacific region,” he concluded.
