Pramerica Real Estate Investors has announced the first close of its Asia Property Fund (ASPF) III, after receiving €480 million in capital commitments, easily exceeding its initial fundraising target of €400 million.
ASPF III is the third in a series of funds investing in the Asia Pacific market and has attracted capital from German and Middle Eastern institutional investors.
The fund will invest in office, retail, logistics and residential property in both mature and emerging markets in the region, including China, Hong Kong, Japan, South Korea, Singapore, Malaysia and Australia.
Bennet Theseira, head of Asia Pacific at Pramerica, believes that surpassing the initial target at first close is a reflection of their clients’ confidence in the company’s ability to meet investment objectives.
“The maturing markets in Asia Pacific are offering the opportunity to add value through quality asset management, innovation and strategic partnerships,” he said.
“We are pleased to provide investors with a new opportunity to access a range of core, value-add and select opportunistic real estate investments to create a well-balanced portfolio that has the flexibility to adjust to the dynamic Asia Pacific markets.”
Pramerica is the real estate investment management and advisory arm of US based Prudential Financial, which operates as Prudential Real Estate Investors in the Americas, Korea and Japan. The company has been investing in the Asia Pacific region since the mid-nineties and currently has $5.3 billion in assets under its management.
ASPF II closed in 2007 after raising €949 million in capital commitments, while ASPF I closed in 2003 with approximately €665 million in commitments. Together they have acquired or developed over €3.6 billion in gross assets across 56 transactions. ASPF III will hold a final close early next year.
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