CBRE Investors raises $100m for Asia FoF

CBRE Investors eyes a final pot of $200 million for its Asian fund of funds, the Asia Alpha Plus Fund, after holding a first close of $100 million.

CBRE Investors has held a $100 million first close for its incoming Asia Alpha Plus Fund, a vehicle aimed at investing in both developed and emerging real estate markets on the continent.

The Los Angeles-based firm, a unit of property services giant Richard Ellis, closed on the equity on Wednesday but has now opened again to raise more money and is aiming to attract up to $100 million more to spend.

Sixty percent of the vehicle would be allocated to developed markets including Japan, Australia, Singapore, Hong Kong and South Korea, 30 percent is aimed at China and the remaining ten percent is to spend in other emerging Asian countries.

The fund will not, however, invest in vehicles that target Thailand, Indonesia or the Philippines. In addition, the fund will not target underlying funds with gearing above 45 percent loan to value.

It will run for ten years and is expected to be fully invested within the first two years.

The fund is managed by CBRE Investors’ global multi-manager division, which is run out of London by managing director Jeremy Plummer. The division currently manages $2.7 billion of assets in Europe, North America and Asia.

Also on the books of the multi-manager is the Global Real Estate Fund of Funds which was launched in 2007. That fund, which has invested in underlying funds with a gearing of about 55 percent loan to value, still has approximately $50 million in dry powder, 25 percent of which is allocated for Asia.