Prudential Financial Real Estate buys out Japan advisor

The real estate arm of the investment bank has bought Round Hill Capital Partners, which it has been using as an asset advisor in Japan, significantly expanding its presence in the country.

Prudential Real Estate Investors, the real estate arm of Prudential Financial, has acquired Japanese real estate management firm Round Hill Capital Partners Kabushiki Kaisha. Financial details of the transaction were not disclosed.

Round Hill was established in 2001 and has been providing asset management services to Prudential in Japan since 2003. According to Prudential, Round Hill has already arranged 19 investments for Prudential, totaling $1.5 billion, for PREI’s pan-Asian and retail strategies in Japan.

PREI has operated in Asia since 1994 when it opened an office in Singapore under the name Pramerica Real Estate Investors. PREI has invested on behalf of clients throughout the region in Singapore, Hong Kong, Japan, Malaysia, the Philippines, Indonesia, South Korea, China, Thailand and India.

The acquisition follows PREI opening an office in Hong Kong in September, which will source transactions in China, Hong Kong, Taiwan and South Korea. PREI Asia had about $4.4 billion in gross assets under management as of June 2007, with more that 50 percent of those assets in Northern Asia. PREI has invested about $1.5 billion for its investors in Japan, primarily through its Asian Property Fund.