The real estate investment management arm of global property services firm DTZ is poised to bring its first Asia real estate investment fund to market.
Under the leadership of ex-Citi Property Investors head of Asia Pacific, David Schaefer, DTZ is to raise a fund focused on investments in Asia’s largest cities including Shanghai, Beijing, Seoul, Taipei, Hong Kong and Singapore.
Schaefer, who is in the throws of putting together a team to run the fund from Hong Kong starting with the appointment of a chief investment officer, will begin fundraising in September.
Targeting a total capital raising of $400 million, DTZ is to offer investors a value-added strategy with room for occasional opportunistic investment and is targeting a net return of approximately 15 percent over its 7-year lifespan.
It will invest in income-producing assets or assets that could become income producing, however the fund is not expected to invest in development except potentially via the residential sector.
Schaefer joined DTZ Investment Management in March after leaving Citi Property Investors last year. Reporting to global head of capital markets, Serkan Bektas, Schaefer was charged with a dual role of head of investment management Asia Pacific and global head of institutional capital – a role aimed at growing the firm’s global institutional client base.
Currently, DTZ Investment Management’s real estate investment management exposure is confined to the UK and Europe where it runs funds and separate accounts but is using Schaefer’s appointment to spearhead its growth in Asia.
DTZ Investment Management, headquartered in London, currently manages approximately £2.5 billion (€3 billion; $3.77 billion) of assets while Paris-based DTZ Asset Management has €3.5 billion of assets under management.
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