PARSIPPANY, N.J.--(BUSINESS WIRE)--Prudential Real Estate Investors has closed Pramerica AsiaRetail Limited, a S$3 billion private open-end property fund that invests in shopping centers on behalf of institutional investors, the company announced today. PREI® is the real estate investment management and advisory business of Prudential Financial, Inc., (NYSE: PRU).
The Singapore-dollar denominated fund, managed by PREI’s Singapore-based Pramerica Real Estate Investors(Asia) Pte. Ltd., consolidates the company’s popular closed-end Asian Retail Mall funds into a private open-end property fund for institutional investors taking advantage of opportunities in Asia’s growing retail sector. The firm currently manages 11 retail assets with a net leasable area of more than three million square feet in Singapore and Malaysia on behalf of investors in the former Asian Retail Mall funds. By property value, Pramerica AsiaRetail is the second largest shopping centre owner in Singapore and one of the largest property funds of its type in Asia.
The new fund focuses on retail properties in Singapore and Malaysia, grounded by the initial portfolio, which includes Tiong Bahru Plaza, Century Square Shopping Centre, Hougang Mall, White Sands Shopping Centre, Tampines 1, Liang Court and Central Plaza in Singapore, Kinta City Shopping Centre, Island Plaza, SSTwo Mall and 1st Avenue Mall in Malaysia.
“Through our first private open-end fund in Asia, we’re proud to combine PREI’s 40 years of experience in managing open-end property funds with 10 years of local retail expertise in Southeast Asia,” said Victoria Shigehira Sharpe, CEO of PREI’s Asia Pacific business. “As one of the largest funds in the region, this offers a unique solution that addresses the complex investment needs of our high caliber clients.”
Pramerica AsiaRetail invests in a core property portfolio of mainly suburban shopping malls in Singapore that provides the potential for a secure income, underpinned by strong real estate fundamentals, including proximity to rapid transit stations and stable tenants. The fund will expand, hold and actively manage the assets over the medium to long-term, seeking to maximize returns for institutional investors interested in investment exposure in the Singapore and Malaysia markets.
Beginning in 1994, PREI’s Asia-Pacific business has built a pan Asia real estate investment management platform of more than US$7.7 billion gross asset ($6.9 billion net) under management as of June 30, 2011. The business has made more than 100 investments in 10 countries across multiple sectors, with a focus in retail. The team of 87 professionals includes 48 investment and asset management professionals, along with comprehensive research, financial administration, control, structuring and client management staff. Pramerica Real Estate Investors (Asia) Pte. Ltd., a Singapore investment manager, is registered with and licensed by the Monetary Authority of Singapore.
PREI Investors is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Parsippany, N.J., PREI also has offices in Atlanta, Chicago, Miami, New York, San Francisco, Lisbon, London, Luxembourg, Madrid, Munich, Paris, Abu Dhabi, Istanbul, Mexico City, Rio de Janeiro, Sao Paulo, Beijing, Hong Kong, Seoul, Singapore, and Tokyo. In addition, the company has representatives in Milan and Zurich and is establishing a presence in Sydney (pending regulatory approval). As of June 30, 2011, the company managed approximately $48.2 billion in gross real estate assets ($30.3 billion net) on behalf of more than 490 clients worldwide. For more information, visit http://www.prei.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $883 billion of assets under management as of June 30, 2011, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.
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