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.
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