Aviva hunts partner as it seeks to expand Spanish housing bet
Broker Savills has been appointed to raise about 150 million euros (S$222.9 million) to inject into the portfolio that currently spans about 1,000 units, people with knowledge of the appointment said. The new capital will be used to expand the portfolio that is currently spread across five developments in Madrid, Barcelona and Palma de Mallorca, the people said, asking not to be identified as the process is private.
A spokesperson for Aviva Investors declined to comment on the appointment.
It comes as Aviva has formed a venture with Spanish developer Layetana Living to create a new operating company for its rental properties in the country, according to a press release on Wednesday (Jun 25). Aviva will own a minority stake in the new company named Propia, it said.
Spanish cities including Madrid and Barcelona face major housing shortages that have pushed rents and values higher. That's luring international investors including Patrizia, Hines, Nuveen and CBRE Investment Management.
'The Spanish residential market is undergoing a transformation, with demand for professionally managed, high-quality rental housing increasing due to demographic shifts, affordability challenges, and changing lifestyle preferences,' Aviva Investors head of pan-European real estate funds George Fraser-Harding said. BLOOMBERG
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Business Times
4 hours ago
- Business Times
Tariff heat sees Europe heighten focus on Vietnam and Indonesia
[HO CHI MINH CITY / JAKARTA] Europe's engagement with South-east Asia is ramping up, from the recent 150 million euro (S$224.5 million) investment in a new Vietnam engineering hub by German software giant SAP to the UK's removal of barriers for pharmaceutical exports to Vietnam and the European Union's landmark trade deal with Indonesia. The push is being fuelled by geopolitical tensions and US President Donald Trump's Aug 7 tariff package – a flat rate of 15 per cent on most EU imports, in addition to existing steep duties on EU steel and vehicles – which has made selling to the US market costlier and less predictable for European exporters. Ian Betts, chair of the British Chamber of Commerce in Indonesia, said that South-east Asian markets such as Indonesia and Vietnam are now viewed as a 'strategic hedge' against over-reliance on traditional Western markets as they offer dynamic consumer bases, expanding middle classes and improving regulatory frameworks. Stephen Olson, former US trade negotiator and visiting senior fellow at Iseas-Yusof Ishak Institute echoed the sentiment: 'The EU is clearly attempting to diversify its trade relations away from the US, and Asean is a key focal point.' Recent developments, including the breakthrough Indonesia-EU Comprehensive Economic Partnership Agreement (Cepa) and sector-specific pacts such as the UK-Vietnam pharmaceutical deal, underscore this structural shift. The pivot is evident from recent Allianz Trade surveys before and after the US' 'Liberation Day' tariffs on Apr 2, which found that European export interest towards South and South-east Asia doubled from 7 per cent to 14 per cent as trade links between the regions are intensifying with more free-trade agreements (FTAs). A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The shifting sentiments were more evident when it came to supply-chain exposures. 'The trade war is creating opportunistic friendshoring (with) the Europe-Asia rapprochement,' Allianz analysts wrote. They pointed out that the Asia-Pacific has now become the preferred relocation destination for German companies with current links to North American supply chains – with 43 per cent opting for this, rising sharply from 28 per cent. 'We see a lot of manufacturing and industrial companies leveraging Vietnam as an expansion, and it creates opportunities for wider exchange (between Vietnam and Europe),' said Thomas Saueressig, member of the executive board of SAP, during a press briefing on Aug 7 to launch its new SAP Labs in Ho Chi Minh City. The German enterprise software giant plans to invest more than 150 million euros over the next five years to strengthen its engineering hub in Vietnam, the second in South-east Asia following the one established in Singapore in 2022. '(How we try to boost SAP Labs here) is also a great next signal for more and further increased collaborations and partnerships across industries from Germany, Europe, to South-east Asia, specifically in Vietnam,' he added. Europe is not stopping at Indonesia or Vietnam. The Philippines embarked on a fresh round of FTA talks with the EU in June, with the next one scheduled in October. Negotiations with Malaysia and Thailand are also ongoing, and are at various stages. 'Once (the Indonesia-EU Cepa) is signed, I believe it opens the way for further conclusions and negotiations with other Asean member states,' said Edison Bako, executive director at the European Business Chamber of Commerce (EuroCham) in Indonesia. One of the key challenges for these countries, according to Olson, will be navigating differing perspectives on values-driven social issues and climate change – areas that the EU increasingly intertwines with its trade policies. Indonesian President Prabowo Subianto meeting European Commission President Ursula von der Leyen in Brussels on Jul 13. PHOTO: INDONESIA PRESIDENTIAL SECRETARIAT Indonesia-EU Cepa: Catalyst for broader engagement Politically concluded on Jul 14, 2025, the Indonesia-EU Cepa is set for legal finalisation by September and is poised to serve as a template for Europe's wider strategy in Asean. Under the Cepa, approximately 80 per cent of Indonesia's exports to the EU – including textiles, footwear, fisheries, palm oil and electric vehicle (EV)-related components – will benefit from immediate or gradual tariff elimination, boosting export competitiveness and improving market access. In return, EU companies will gain wider access to Indonesia's rapidly growing market of 280 million consumers, with key export opportunities in meat, dairy products and green technologies. Trade between the two sides is projected to grow by 50 per cent or more in the coming years under the new framework. '(The deal) would also open the floodgates in terms of the prospects for environmental sustainability and governance standards here in Asean,' added Bako. Europe has emerged as one of the top seven sources of foreign investment in Indonesia, with inflows reaching US$4.59 billion in 2024, up 52 per cent from US$3.02 billion in the previous year, driven by growing interest in the EV, healthcare and resource sectors. 'The ongoing uncertainty in EU-US trade relations is prompting many to look more seriously at Asean,' said Fabian Kieble, chairman of EuroCham in Indonesia. 'Indonesia's EV battery and mining sectors are key areas of interest. The country's push for EVs aligns well with European expertise,' he added. Vietnam-UK sectoral strategy Vietnam has been playing a key role in Europe's Asia strategy, with the UK-Vietnam pharmaceutical agreement – confirmed on the same day as the announcement of the Cepa between the EU and Indonesia – symbolising deeper engagement. 'We expect the diversification of trade partners this agreement provides to enhance the UK's resilience against global trade uncertainties while creating new growth opportunities in emerging markets across Asia,' Rachel Finlay, healthcare analyst at BMI, a unit of Fitch Solutions, wrote in a note last month. The deal removes non-tariff barriers for UK pharmaceutical exports and reinforces the Medicines and Healthcare products Regulatory Agency's standards as an internationally recognised benchmark – a move that could ripple through other Asean markets. Sakshi Sikka, associate director of pharmaceuticals at BMI, added: 'This agreement also strengthens Vietnam's broader trade relationship with the UK, which could lead to expanded cooperation in other sectors such as finance and clean energy.' Clarence Hoe, executive director of Americas and Europe at Enterprise Singapore, also observed increased interest from European companies to participate in renewable energy infrastructure projects in South-east Asian markets due to the latter's vast potential and commitment to net-zero targets, as well as pro-energy transition policies. Pha Lai thermal power plant in Hai Duong province, Vietnam. The UK and EU are the co-leads of the International Partners Group, which has been working with Hanoi to implement Vietnam's Just Energy Transition Partnership since December 2022. PHOTO: AFP Singapore: Asean's entry point for European firms While emerging South-east Asian economies present huge growth potential, Singapore remains Europe's launch pad into the region, with more than 19,000 European companies operating in the city-state. Recent manufacturing investments by Sanofi, Biotronik, Siltronic and NTS in Singapore highlight the 'queen bee' effect – where global firms cluster their suppliers and partners around the South-east Asian region, said Dino Tan, senior vice-president and head of Europe at Singapore Economic Development Board. Following the Europe-Singapore Digital Trade Agreement, which was finalised last year, London-headquartered fintech Wise expanded its Asia-Pacific hub in Singapore in April to better serve markets in the region. Norwegian gamified learning platform Kahoot launched its Asia-Pacific hub in the Republic in July, using Singapore as a gateway for its regional growth. 'Singapore is deepening regional economic integration within South-east Asia, which will make it easier for companies to do business in our region,' Tan noted. He highlighted initiatives such as the Johor-Singapore Special Economic Zone, announced earlier this year, as a strategic location that enables European companies to leverage the combined strengths of both Malaysia and Singapore to diversify their supply chains and continue scaling. Additional reporting by Goh Ruoxue in Singapore
Business Times
8 hours ago
- Business Times
Tariff heat sees Europe boost its focus on Vietnam and Indonesia
[HO CHI MINH CITY / JAKARTA] Europe's engagement with South-east Asia is ramping up, from the recent 150 million euro (S$224.5 millon) investment in a new Vietnam engineering hub by German software giant SAP to the UK's removal of barriers for pharmaceutical exports to Vietnam and the European Union's landmark trade deal with Indonesia. The push is being fuelled by geopolitical tensions and US President Donald Trump's Aug 7 tariff package – a flat rate of 15 per cent on most EU imports, in addition to existing steep duties on EU steel and vehicles – which has made selling to the US market costlier and less predictable for European exporters. Ian Betts, chair of the British Chamber of Commerce in Indonesia, said that South-east Asian markets such as Indonesia and Vietnam are now viewed as a 'strategic hedge' against over-reliance on traditional Western markets as they offer dynamic consumer bases, expanding middle classes and improving regulatory frameworks. Stephen Olson, former US trade negotiator and visiting senior fellow at Iseas-Yusof Ishak Institute echoed the sentiment: 'The EU is clearly attempting to diversify its trade relations away from the US, and Asean is a key focal point.' Recent developments, including the breakthrough EU-Indonesia Comprehensive Economic Partnership Agreement (CEPA) and sector-specific pacts such as the UK-Vietnam pharmaceutical deal, underscore this structural shift. The pivot is supported by recent Allianz Trade surveys before and after the US' 'Liberation Day' tariffs on Apr 2, which found that European export interest towards South and South-east Asia doubled from 7 per cent to 14 per cent as trade links between the regions are intensifying with more free-trade agreements (FTAs). A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The shifting sentiments were more evident when it came to supply-chain exposures. 'The trade war is creating opportunistic friendshoring (with) the Europe-Asia rapprochement,' Allianz analysts wrote. They pointed out that the Asia-Pacific has now become the preferred relocation destination for German companies with current links to North American supply chains – with 43 per cent opting for this, rising sharply from 28 per cent. 'We see a lot of manufacturing and industrial companies leveraging Vietnam as an expansion, and it creates opportunities for wider exchange (between Vietnam and Europe),' said Thomas Saueressig, member of the executive board of SAP, during a press briefing on Aug 7 to launch its new SAP Labs in Ho Chi Minh City. The German enterprise software giant plans to invest more than 150 million euros over the next five years to strengthen its engineering hub in Vietnam, the second in South-east Asia following the one in Singapore in 2022. '(How we try to boost SAP Labs here) is also a great next signal for more and further increased collaborations and partnerships across industries from Germany, Europe, to South-east Asia, specifically in Vietnam,' he added. Europe is not stopping at Indonesia or Vietnam. The Philippines embarked on a fresh round of FTA talks with the EU in June, with the next one scheduled in October. Negotiations with Malaysia and Thailand are also ongoing at various stages. 'Once (Indonesia-EU CEPA) is signed, I believe it opens the way for further conclusions and negotiations with other Asean member states,' said Edison Bako, executive director at the European Business Chamber of Commerce (EuroCham) in Indonesia. One of the key challenges for these countries, according to Olson, will be navigating differing perspectives on values-driven social issues and climate change – areas that the EU increasingly intertwines with its trade policies. Indonesian President Prabowo Subianto meeting European Commission President Ursula von der Leyen in Brussels on Jul 13. PHOTO: INDONESIA PRESIDENTIAL SECRETARIAT Indonesia-EU CEPA: Catalyst for broader engagement Politically concluded on Jul 14, 2025, the Indonesia-EU CEPA is set for legal finalisation by September and is poised to serve as a template for Europe's wider strategy in Asean. Under the CEPA, approximately 80 per cent of Indonesia's exports to the EU – including textiles, footwear, fisheries, palm oil and electric vehicle (EV)-related components – will benefit from immediate or gradual tariff elimination, boosting export competitiveness and improving market access. In return, EU companies will gain wider access to Indonesia's rapidly growing market of 280 million consumers, with key export opportunities in meat, dairy products and green technologies. Trade between the two sides is projected to grow by 50 per cent or more in the coming years under the new framework. '(The deal) would also open the floodgates in terms of the prospects for environmental sustainability and governance (ESG) standards here in Asean,' added Bako. Europe has emerged as one of the top seven sources of foreign investment in Indonesia, with inflows reaching US$4.59 billion in 2024, up 52 per cent from US$3.02 billion in the previous year, driven by growing interest in the EV, healthcare and resource sectors. 'The ongoing uncertainty in EU-US trade relations is prompting many to look more seriously at Asean,' said Fabian Kieble, chairman of EuroCham in Indonesia. 'Indonesia's EV battery and mining sectors are key areas of interest. The country's push for EVs aligns well with European expertise,' he added. Vietnam-UK sectoral strategy Vietnam has been playing a key role in Europe's Asia strategy, with the UK-Vietnam pharmaceutical agreement – confirmed on the same day as the announcement of CEPA between the EU and Indonesia – symbolising deeper engagement. 'We expect the diversification of trade partners this agreement provides to enhance the UK's resilience against global trade uncertainties while creating new growth opportunities in emerging markets across Asia,' Rachel Finlay, healthcare analyst at BMI, a unit of Fitch Solutions, wrote in a note last month. The deal removes non-tariff barriers for UK pharmaceutical exports and reinforces the Medicines and Healthcare products Regulatory Agency's standards as an internationally recognised benchmark – a move that could ripple through other Asean markets. 'This agreement also strengthens Vietnam's broader trade relationship with the UK, which could lead to expanded cooperation in other sectors such as finance and clean energy,' Sakshi Sikka, associate director of pharmaceuticals at BMI, added. Clarence Hoe, executive director of Americas and Europe at Enterprise Singapore also observed increased interest from European companies to participate in renewable energy infrastructure projects in South-east Asian markets due to the latter's vast potential and commitment to net zero targets, as well as pro-energy transition policies. Pha Lai thermal power plant in Hai Duong province, Vietnam. The UK and EU are the co-leads of the International Partners Group, which has been working with Hanoi to implement Vietnam's Just Energy Transition Partnership since December 2022. PHOTO: AFP Singapore: Asean's entry point for European firms While emerging South-east Asian economies present huge growth potential, Singapore remains Europe's launch pad into the region, with more than 19,000 European companies operating in the city-state. Recent manufacturing investments by Sanofi, Biotronik, Siltronic and NTS in Singapore highlight the 'queen bee' effect – where global firms cluster their suppliers and partners around the South-east Asian region, said Dino Tan, senior vice-president and head of Europe at Singapore Economic Development Board. Following the Europe-Singapore Digital Trade Agreement, which was finalised last year, London-headquartered fintech Wise expanded its Asia-Pacific hub in Singapore in April to better serve markets in the region. Norwegian gamified learning platform Kahoot launched its Asia-Pacific hub in the Republic in July, using Singapore as a gateway for its regional growth. 'Singapore is deepening regional economic integration within South-east Asia, which will make it easier for companies to do business in our region,' Tan noted. He highlighted initiatives such as the Johor-Singapore Special Economic Zone, announced earlier this year, as a strategic location that enables European companies to leverage the combined strengths of both Malaysia and Singapore to diversify their supply chains and continue scaling. Additional reporting by Goh Ruoxue in Singapore
Straits Times
9 hours ago
- Straits Times
As global supply chains shift, China's exports of factory robots see a sharp rise
Sign up now: Get ST's newsletters delivered to your inbox – As new factories spring up in South-east Asia and elsewhere in a global rejig of supply chains, made-in-China robots that staff production lines and handle logistics are rolling out with them. Shipments of factory robots from China – including robots produced there by foreign manufacturers – have risen every year since the Covid-19 pandemic, nearly tripling in value from 2020 to reach US$1.13 billion (S$1.45 billion) in 2024. Exports for the first half of 2025 hit US$746 million, a year-on-year growth of almost 60 per cent, according to figures from China's General Administration of Customs. The top three destinations were Vietnam, Mexico and Thailand, The Straits Times' calculations show . 'The sharp rise in shipments (to these countries) underscores the ongoing shift of manufacturing capacity away from the mainland,' said Dr Dan Wang, China director at consultancy Eurasia Group in Singapore. She added that the bulk of such exports were lower-end models for the automotive and electronics sectors. Trade tensions, rising costs and a pursuit of supply chain resilience have prompted both Chinese and foreign firms to diversify production away from the 'factory of the world'. The relocation of supply chains represents a business opportunity for Chinese industrial robot-makers in a market dominated by Japanese and European incumbents, said Mr Su Lian Jye, chief analyst at Singapore-based technology research firm Omdia. 'If a Chinese company is expanding overseas, they will bring their local supplier (of factory robots) along as well,' he said. Top stories Swipe. Select. Stay informed. 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'When we first set up a branch in Thailand in 2021, our first customer was a Chinese carmaker,' said Mr Zhao Chen, chief executive of the company's Asia-Pacific headquarters in Singapore. The client, which had previously used Siasun's robots in China, engaged the company to outfit its new production line in Thailand. Some foreign companies that had used Siasun's robots in China also placed subsequent orders for their overseas factories in places including Malaysia, Singapore and Germany, boosting the company's sales, Mr Zhao told ST. Siasun's products includ e automated guided vehicles that can move goods around factories, warehouses and ports, as well as robotic arms which can move along six axes to perform tasks like car welding. The company's exports nearly tripled from 2020 to reach 507 million yuan (S$90.7 million) in 2024, according to its earnings statements. Over at Jaka Robotics in Shanghai, vice-president Liz Chang said her company has gained 'significant market opportunities' as more industries move into South-east Asia, leading to demand for fresh production capabilities. A number of its major clients in China, including Japan's Toyota, the US' Flextronics and China's Luxshare Precision, have factories in South-east Asia, she said, and the company – which opened an office in Malaysia in 2023 – sees the region as a key export market. Jaka's collaborative robots – robots that can work safely alongside humans – have been put to work in factories in South-east Asia that make car parts, electronics, food and beverages, and more, she added. Outbound direct investment by Chinese firms in South-east Asia surged 34.7 per cent year over year in 2023, according to the Commerce Ministry's figures. The manufacturing industry was the largest recipient . Omdia's Mr Su said the international market for industrial robots is still dominated by Japanese and European firms, whose advanced robots are integrated with clients' systems and prized for their reliability and precision. But Chinese robot-makers are gradually gaining a larger slice of the pie, helped by their competitive pricing, he said. By his estimate, China's industrial robots cost about 30 per cent to 35 per cent less than those made by its foreign competitors. Companies making robots and their components have mushroomed in China, as the country in 2015 mounted a push to become a production hub in this and other high-tech industries. Today, it has more than 930,000 companies in robotics-related fields, according to figures cited by state media in August 2025. The output of industrial robots has also surged: China produced some 369,316 units in the first half of 2025, up 35.6 per cent year on year, official figures show. China itself is the world's largest market for industrial robots, but fierce domestic competition has also driven Chinese robot-makers to venture abroad. One such firm is Speedbot Robotics, a Changsha-headquartered company that makes intelligent industrial robots, including one that can scan and detect spray-painting defects in car factories. 'We are looking to expand to areas such as South-east Asia, where the automotive manufacturing industry is growing,' said Mr Wei Xinghua, deputy sales director at the company, which already sells such robots to Canada. Another is Fairyland Technology from Wuhan, which intends to start selling its robots overseas in the second half of the year, said sales engineer Gong Jiawei. He added: 'We have pretty much sold to every domestic client we can possibly get, and we've appointed and trained dedicated staff to serve the foreign market. 'We are ready to go big overseas.'
