PGIM Real Estate has raised US$447 million in equity capital from Japanese, US, Canadian, German and Swiss investors in the initial closing of its Asia Core fund.
The open-ended, diversified fund will invest in cities in Japan, Australia, Hong Kong, South Korea and China. It will target the office, retail, industrial and residential sectors.
The Asia Core fund has invested in a US$290 million portfolio of four seed assets located in Tokyo, Seoul and Sydney in the multifamily residential, office and retail sectors.
“Asia Core will capitalise on the long-term track record, scale and discipline of PGIM Real Estate’s Asia Pacific platform,” said Benett Theseira, head of Asia Pacific for PGIM Real Estate.
“This initial close is an early, yet significant, step in growing the fund and expanding our investor base to become the market leader of core open-ended funds in the region,” added Theseira.
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