LOCALIZED INSTITUTIONAL INVESTMENT FRAMEWORK 

|  tAIPEI, TAIWAN

The Objective: BNP Paribas sought to establish a stronger investment footprint in the Taiwanese market, but successful execution required more than capital allocation. The key objective was to develop a localized Investment Policy Statement that aligned BNP Paribas’ global investment standards with Taiwan’s market conditions, regulatory environment, and the approval requirements of its local partner, Taiwan Corporation Bank. The challenge was to create a governance framework that could satisfy both international institutional requirements and local execution realities.

• Strategic Framework: Yun acted as a bridge between BNP Paribas’ global investment discipline and Taiwan’s local market dynamics. This involved translating global return and risk standards into practical local investment criteria, including Internal Rate of Return thresholds, exit capitalization rate assumptions, holding-period scenarios, leaseback structures, and downside sensitivity analysis. The framework also incorporated market-specific considerations across Taiwan’s major metropolitan areas, allowing the investment team to assess opportunities under a consistent and comparable methodology.

• Investment Governance and Risk Alignment: The localized Investment Policy Statement provided a structured decision-making framework for evaluating real estate-backed investment opportunities. It helped define acceptable risk-adjusted return levels, minimum underwriting standards, key approval checkpoints, and required documentation for internal review. This ensured that local opportunities could be assessed in a format consistent with BNP Paribas’ global compliance expectations while remaining commercially realistic within the Taiwanese market.

• Execution: The collaboration resulted in a standardized transaction playbook that supported the acquisition and subsequent leaseback of three key branch offices in Taipei. The playbook provided clear guidance on underwriting assumptions, approval procedures, transaction documentation, leaseback terms, and post-acquisition monitoring. This helped streamline coordination between BNP Paribas, Taiwan Corporation Bank, and relevant transaction stakeholders.

• Outcome: The framework enabled BNP Paribas to pursue its Taiwanese market entry in a disciplined and institutionally compliant manner. By combining global governance standards with localized market intelligence, the project helped ensure that the local team met internal compliance requirements, risk-adjusted return targets, and partner approval expectations. It also created a repeatable investment governance model for future real estate-backed transactions in Taiwan.