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SilkRoad to close debut fund on $400m – Exclusive

The Singapore-based real estate investment management firm has exceeded the initial target for its maiden value-add vehicle.

Singapore-based SilkRoad Property Partners, the real estate investment management firm spun out of AEW’s Asia platform, is on the cusp of closing its first Asia-focused real estate fund just north of $400 million.

PERE has learnt that the firm is weeks away from wrapping up fundraising for SilkRoad Asia Value Partners. The firm has already corralled around $360 million – more than the fund’s original $350 million target – from seven investors. It is in the final stages of raising the remaining capital from three more investors.

All investors in SilkRoad Asia Value Partners are institutional investors from Europe and North America.

The pan-Asia fund, with a value-add investment strategy, was launched in August 2013. The fund reached its first closing of $230 million in December 2014, and a subsequent closing of $278 million was held in March last year.

So far approximately 15 percent of the fund corpus has been deployed in investments in markets including Hong Kong and Singapore. The most recent investment – the fourth via the fund – in a mixed-use property in Hong Kong is expected to close imminently.

SilkRoad Property Partners was launched in 2012 by key executives from AEW Asia and is led by Peter Wittendorp, the former Asia-Pacific head at AEW.

SilkRoad declined to comment on the story.