Insurance and financial services company Prudential has set up a $US1 billion Asian property fund to invest in office and logistics buildings.
The Prudential Property Investment Management Singapore is an equal joint venture between Prudential Property Investment Managers and Prudential Corporation Asia.
PruPIM Singapore will offer investors globally the opportunity to invest in commercial real estate in Australia, Hong Kong, Singapore and South Korea.
The joint venture partners are expected to transfer existing real estate assets into PrumPIM.
Prudential Corporation Asia’s chief executive of funds management Ajay Srinivasan said its funds management business in Asia has been growing rapidly.
PrumPIM’s managing director Martin Moore stressed that the time was right to expand Prudential’s property investment management business to Asia.
“PruPIM’s size and expertise in international real estate investment management and the backing of our powerful global property research team will help create a significant new force in the region.
“We also see a long-term shift, globally, towards the Asia-Pacific property markets and believe this is an excellent time to take this step,” he added.
PruPIM is one of the UK’s leading real estate investment management companies with over $US30 billion under management and over $US2 billion invested internationally.
By Nelson Yap
