AEW raises $1.12bn for third Asia fund

AEW held a final close on its third value-added fund focusing on the Asia-Pacific region, AEW Value Investors Asia III, at $1.12 billion.

The oversubscribed fund, which surpassed AEW’s $750 million initial target, will target commercial assets for repositioning and refurbishment in major cities across Asia, including Hong Kong, Singapore and Seoul.

The Boston-based real estate investment manager’s previous vehicle in the series, AEW VIA II, closed above $640 million in 2015. All of the investors in the second vehicle, including the California State Teachers’ Retirement System and the Teacher Retirement System of Texas, have reupped for Fund III.