BOSTON- The American Stock Exchange has started trading shares of RMR Asia Pacific Real Estate Fund, a closed-end investment management fund based in Newton, MA. It is said to be the first US fund to focus on Asia-Pacific real estate securities.
A total of 1.8 million shares, priced at $20 each, are expected to bring in $35 million of gross proceeds for the fund, which will trade under the symbol RAP. Included in those shares were 40,000 shares purchased by affiliates of the fund's advisor. In addition, the fund has granted the offering underwriters an option to purchase up to 256,500 shares during the next 45 days to cover allotments.
It will be managed by RMR Advisors of Newton, and MacarthurCook Ltd., a Melbourne, Australia advisor and investment manager. RMR Advisors could not be reached by GlobeSt.com in time for deadline.
MacarthurCook managing director Craig Dunstan says the company expects continued growth in investment opportunities in the Asia-Pacific market as populations, personal incomes and the nation's gross domestic products continue to increase, particularly in China and India, driving growth in investment-grade real estate.
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