Asia-Pacific gets property fund
In what they describe as a first for the region, global property fund managers Prupim and LaSalle Investment Management have partnered to create an open-ended pan-Asia Pacific fund.
The Asia Property Fund will invest in multiple property types throughout the region.
Prupim is the property investment arm of Prudential UK, which has contributed the existing Asia Pacific direct property portfolio from its life fund comprising of five assets valued at US$600 million located in Australia, Singapore, Hong Kong and Korea.
Prudential Asia and LaSalle will commit additional equity, which, combined with their ability to leverage, should provide buying power to grow the fund to more than US$1billion.
LaSalle head of global client services Celia Jennings said the fund manager had worked with and respected Prupim for a number of years and was excited about extending the relationship into the Asia-Pacific region.
“The fund’s seed assets are a good reflection of the style of portfolio we will be creating as they offer sustainable income in locations across Asia Pacific and across property types,” she added.
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