Their new Asia Property Fund has been stocked with five assets in Australia, Singapore, Hong Kong and Korea that are valued at US $600 million. The assets previously comprised the Asia Pacific direct property portfolio of Prudential's UK life fund.
Combined with committed equity from Prudential Asia and LaSalle Investment Management, and the ability to leverage, the value of the fund's assets are expected to crest the $1-billion mark in combined value. Looking ahead, Prupim says the fund will invest in real estate throughout the region in multiple property types and structures.
Prupim and LaSalle have worked together in Asia before, most recently to manage a segregated account for Prudential's UK life fund. LaSalle undertook acquisitions and acted as asset manager on behalf of Prupim in that regard.
Asia Property Fund's investment committee includes Prupim and LaSalle officials who have worked together for more than four years. Prupim Singapore will act as the fund manager and LaSalle as the investment manager.
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