DRIVEN BY
THEMES
AND
PEOPLE.

About TAP

The APA Project (TAP) is an APAC based manager of real assets committed to delivering value add risk returns.

Strategies are sponsor backed via seed assets, minority capital, or asset operational expertise.

Our sponsor has a 100+ year multi-sector track record across several countries and strategies with notable exits in Malaysia, China and Japan.

Operating brands span retail, hospitality, and residential.

There is an undersupply of institutional-grade real asset opportunities, and strategies delivering returns in excess of REITs or listed real estate. We solve this by creating off-market sponsor-led opportunities, ensuring disciplined underwriting, operational excellence, de-risked liquidity and governance.

stablished brands matter. Where we don’t have operating capability, we’ll partner with those who do. We are lean, flat-structured, and are continuously looking for contrarian and/or thematic opportunities.

Our Sponsor

Keys

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2.5 + million Net Lettable Area (SF)

2.4 + billion Gross Development Value USD

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Countries With Transaction And Management Experience.

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Asset Enhancements Since 1995.

Approach

Risk Strategies:

Value Add

Focuses on underperforming assets with potential for repositioning and/or expansion. Moderate leverage and income composition as a % of total return.

Opportunistic

Focuses on ground-up projects with moderate to high leverage and low income composition as a % of total return.

Deal Qualification:

Sectors require sponsor operating track record or invested alignment from a 3rd party operator.
Joint Venture (Direct company structure, non-discretionary ie. equal shares and equal rights)
Geography: Malaysia is the primary market of focus, with Japan and Australia as secondary.
Key gateway locations in Malaysia includes KL, Selangor, Johor, and Penang.

Process:

Origination

Off-market sourcing, due diligence, underwriting, tax, debt, and acquisition management.

Asset Management

Driving asset plans via AEI, Planning Approvals, Change of Use, or Operational change.

Divestment

Establishing multiple exit mechanisms pre-acquisition with continuous hold-sell analysis.

Why Real Assets

Diversification

Economic Diversification / APAC economic growth remains weakly correlated with Western economies. Intra-regional pairwise correlations within APAC economies are also lower than EU. Asset Class Diversification / APAC RE consistently displays low to negative correlations with other APAC asset classes.

Unlisted v Listed

These are physical assets with intrinsic worth due to their substance and property, such as infrastructure and real estate. They can be found in both public and private markets, and provide opportunities for portfolio diversification, income streams and inflation hedging.

Asset Class

Private markets experience reduced volatility and generate long-term illiquidity premiums. While public markets benefit from lower-cost debt capital, private markets provide a broader and more flexible risk-return spectrum.