The new entity will offer investors around the world the opportunity to invest in real estate in Asia, principally through the creation of collective funds. Martin Moore, managing director of PruPIM in London, says the time was right to expand Prudential's property investment management business to Asia.
"We also see a long-term shift, globally, toward the Asia-Pacific property markets and believe this is an excellent time to take this step," he states.
Cross-border property investment in the Asia-Pacific region soared 56% last year to US$20 billion, according to Jones Lang LaSalle. PruPIM Singapore, is 50% owned by the Asian arm of Prudential, which has more than US$400 billion of funds under management. The other half is owned by Prudential's property investment arm, PruPIM, which has more than US$30 billion under management, including US$2 billion outside Britain.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
