SINGAPORE-Prudential Real Estate Investors has consolidated its closed-end Asian Retail Mall funds into one $3 billion open-end property fund, Pramerica AsiaRetail Ltd. The new fund will expand, hold and actively manage 11 retail assets in Malaysia and Singapore totaling more than three million square feet.
The fund, to be managed by Pramerica Real Estate Investors (Asia) Pte. Ltd., now allows institutional investors to take advantage of opportunities in Asia’s growing retail sector, according to a statement by the firm. Victoria Sharpe, CEO of the company’s Asia Pacific business, said in the statement that the fund is the second largest shopping center owner in Singapore.
The properties in the fund include includes Tiong Bahru Plaza, Century Square Shopping Centre, Hougang Mall, White Sands Shopping Centre, Tampines 1, Liang Court and Central Plaza in Singapore. The Malaysia properties include Kinta City Shopping Centre, Island Plaza, SSTwo Mall and 1st Avenue Mall.
The company is the real estate investment management and advisory business of Newark, NJ-based Prudential Financial Inc. The firm’s Asia Pacific business has built a real estate investment management platform of more than $7.7 billion in gross assets.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
