Pramerica Real Estate Investors raises €480m for first close
Pramerica Real Estate Investors announced it has raised €480 million ($525 million) for its first close of its Asia Property Fund III, exceeding the initial fundraising target of €400 million ($437 million). ASPF III aims to hold a final close in early 2016 with a $2 billion target.
ASPF III will invest in Asia Pacific real estate, including office, retail, residential and logistics, in both mature and emerging markets of Australia, China, Japan, Malaysia, Singapore, Hong Kong and South Korea.
Its predecessor funds ASPFI, which closed in 2003 with €655 million ($716 million), and ASPF II, which closed in 2007 with approximately €949 million ($1.04 billion), have acquired and developed more than €3.6 billion ($3.9 billion) in gross assets across 56 transactions.
Pramerica Real Estate Investors is the real estate investment management and advisory business of Prudential Financial, which is headquarters in the United States, and