Richard Ellis has closed its Strategic Partners Asia II fund on $400 million (€273 million), including equity commitments from institutional investors in the US, Europe and Australia. With leverage, the fund has a purchasing power of $1.2 billion.
“Our dedicated investment management team for this fund has a proven track record in value added investing in Asia and is well-positioned to capitalize on the investment opportunities in two of the world’s four largest economies, Japan and China, and in the three fastest growing large economies – China, India and Korea,” Mark Karlan, president of Strategic Partners Asia II, said in a statement.
The latest fund is the second of the Strategic Partners series to be launched in Asia and targets the acquisition, repositioning, development and sale of real estate in major Asian markets, with a primary focus on China and Japan.
Last year, the firm added three property pros to its lineup in Greater China and also hired a new Japan chief to lead its operations in the country. It also promoted veteran Lee Menifee to director of global strategy, a new post at the firm.
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