RREEF has acquired a National Foods grade A office building in Melbourne, Australia, for A$113 million (US$112 million) on behalf of an undisclosed Asian pension fund. This is the Asian pension fund’s first acquisition in Australia, as well as the first deal in which RREEF has invested foreign client capital into Australia.

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.

There was a general back-to-business feel about the 2010 Editorial Advisory Board meeting of The Institutional Real Estate Letter – Asia Pacific. Investors and advisers alike were still dealing with real relationship issues from the fallout of the global financial crisis, but both felt the show must go on. Through the many challenges of the past two years, members of the Editorial Advisory Board were still moving forward by deciphering investment trends, following strategies and transacting deals in accordance with their real estate investment mandates.