|
contents | business | |||||||||
| Prupim and LaSalle form Asia's first open-ended property fund Two of the world's leading property fund managers, Prupim and LaSalle Investment Management have teamed up to form the Asia Property Fund, an open-ended pan-Asia Pacific fund for institutional investors and pension schemes that is a first for this region. Prupim is the property investment arm of Prudential plc (United Kingdom) and operates in Asia-Pacific as a joint venture (called Prupim Singapore) with Prudential Corporation Asia. Prudential's UK life funds has seeded the Fund with its existing Asia Pacific direct property portfolio, which comprises five assets valued at over US$600 million located in Australia, Singapore, Hong Kong and Korea. Additional committed equity from some of Prudential's Asian life funds and LaSalle Investment Management, and the ability to leverage, will provide buying power to grow the fund to over US$1 billion by year end. The Fund will invest in real estate throughout the region in multiple property types and structures. The Investment Committee for the Fund is made up of key individuals from both Prupim and LaSalle who have worked together for more than six years. In terms of execution, Prupim Singapore will act as the fund manager and LaSalle as the investment manager. write your comments about the article :: © 2007 Construction News :: home page |