Grosvenor, the UK property company belonging to the Duke of Westminster, has launched a $600 million Asia fund as it seeks to have 20 percent of its global assets in the region.
Nicholas Loup, Asia Pacific chief executive, told Dow Jones that the fnd would invest in Chinese shopping malls and was seeking property development opportunities in Shanghai.
The property company has around $25.7 billion in assets under management. “We are at a phase where we are looking to expand significantly in the region, including China,” Loup told the newswire, adding that Grosvenor wanted Asia to represent 20 percent of total assets, more than triple the current proportion of 6 percent.
Grosvenor has bought three luxury residential properties in Shanghai since it established operation in the city three years ago.
The China property fund, which completed its first round of fundraising from US and European investors last month, aims to have an average rate of return of 18-20 percent.