Knight Frank, the independent global property consultancy, and REPro International, one of Taipei’s leading real estate brokerage and consulting firms, today announce a long-term strategic partnership in Taiwan. The REPro Knight Frank partnership will become an integral part of the Knight Frank Global Group enabling the combined entities to benefit from the integrated infrastructure to serve corporate and private clients around the world.
The partnership builds upon a strong alignment in ethos, ethics and service offering. Under the Knight Frank global brand, the partnership will increase Knight Frank’s network in Asia with a strong, well-respected and highly professional operation in Taiwan.
REPro’s core commercial service lines include valuation, corporate services, leasing, investment sales and advisory with clients from the top 500 companies on the Forbes Global 2000 list. These include Emerson, Japan Tobacco International, Bank of China and major local real estate players such as Cathay Life, Fubon Life and Shinkong Life, to name a few.
“Establishing our footprint in Taiwan aligns with our strategy as a Knight Frank Group in delivering US$1 billion in turnover by 2017,” says Kevin Coppel, Regional Head of Knight Frank Asia Pacific. “The weight of capital seeking exposure to real estate continues to increase, with investors being drawn to the asset class by virtue of its consistent income generation, the improving availability of debt and a steady recovery in global occupier markets.”
Colin Fitzgerald, Managing Director of Knight Frank Greater China, says, “Taiwan is one of the world’s 20 largest economies*. The partnership gives us access to REPro’s extensive network of clients in the commercial space, underpinning our strategy to grow our service offering in Taiwan. With the easing of the Taiwan government regulation where insurance companies are allowed to invest in overseas real estate, we expect to assist outbound capital flows from both Taiwan’s insurance companies and HNWIs into real estate markets in Greater China and around the world.”
Michael Tseng, Executive Chairman at REPro Knight Frank, comments, “Partnering with Knight Frank grants us access to international marketing opportunities. The partnership also underscores our desire to grow beyond the local territory and better serve our clients here in Taiwan on cross-border developments. With an elevated representation worldwide, it strengthens our position in Taiwan which would help us in recruiting the best talent in this market.”
Michael Tseng has been a key property industry leader, having established a firm footing in the Taiwanese market being the first CCIM (Certified Commercial Investment Member) designee in Taiwan in 2000 and has since taught over 1,800 CCIM members who are currently the elite property agents, brokers, developers or investors.
REPro managed one of the top three commercial property transactions in Taipei in terms of transaction value in 2013. In this deal, REPro assisted Mercuries Life – one of the major Taiwanese real estate players – to dispose of five stories of the office building Taiping First Building in Xinyi District located in the central business district of Taipei City. The deal was closed with Makalot Industrial, the leader of the apparel industry in Taiwan and a strategic partner for major global renowned apparel retail brands, with a total area of 11,341 square metres (3,430 ping). The deal was transacted at USD94 million.
Separately in 2011, REPro represented Bank of China to rent three floors of Xinyi 105 Building, a grade-A office building with unique modern architectural façade in Xinyi District, as its main office in Taiwan. Bank of China is the first bank from China to establish its office and operate in Taiwan, marking a significant breakthrough in cross-strait relations.
*Source: Cebr’s World Economic League Table