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EXCLUSIVE: Pramerica holds €480m first close on Asia fund

The real estate investment management division of Prudential Financial exceeded its initial close target and anticipates holding a final close in early 2016.

Pramerica Real Estate Investors, real estate investment management arm of Prudential Financial, has collected €480 million for its Asia Property Fund (ASPF) III – exceeding the initial fundraising target of €400 million.

ASPF III, which Pramerica expects to hold a final close for in early 2016, is the third in a series of real estate funds investing in the Asia-Pacific region across the risk spectrum. Pramerica raised the capital from German and Middle Eastern institutional investors.

The firm will invest in office, retail, residential and logistics, in both mature and emerging markets including: Australia, China, Japan, Malaysia, Singapore, Hong Kong and South Korea.

Pramerica has been investing in Asia-Pacific since 1994 and has $5.3 billion in assets under management as of March 31, 2015.

The firm’s first Asia-Pacific-focused fund, ASPF I closed in 2003 having raised approximately €655 million. Its successor fund, ASPF II, garnered approximately €949 million in commitments and closed in 2007. Combined, ASPF I and ASPF II have acquired or developed more than €3.6 billion in gross assets across 56 transactions.

“The maturing markets in Asia Pacific are offering the opportunity to add value through quality asset management, innovation and strategic partnerships,” commented Benett Theseira, head of Asia Pacific for Pramerica.

“The maturing markets in Asia Pacific are offering the opportunity to add value through quality asset management, innovation and strategic partnerships.”

Pramerica has more than 650 employees located in 19 cities around the world, and gross assets under management of $58.7 billion as of December 31, 2014.