UBS, Gemdale Hold Second Closing
UBS Global Asset Management and Gemdale Corp. have held the second closing of their joint venture product, following the decision by PGGM of the Netherlands to commit up to US$75 million into China real estate. The commitment from the Dutch investor brings the size of this China real estate investment initiative to almost US$200 million.
The joint venture product held its first closing on 31 March 2010 with more than US$100 million in commitments. The program invests in residential development projects in second-tier cities in China, with a focus on geographically diversified investments.
Gemdale Corp., a residential developer in China, already has committed US$45 million to two residential developments on behalf of the program, and an exit