HSBC Asset Management is set to acquire Singapore-based private equity firm SilkRoad Property Partners in a bid to bolster its real estate capability in Asia.
The deal will see the UK asset manager take on SilkRoad’s Singapore business as well as its subsidiaries in Hong Kong, Shanghai and Tokyo, five general partners and the active funds in its portfolio.
No financial details were disclosed but SilkRoad is estimated to have US$2 billion in assets under management.
It is the first major acquisition for HSBC since it established a real estate team, led by Victoria Sharpe, to invest directly in Asia property.
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