New firm to manage property fund<\/p>\n
SINGAPORE (AFP): Property consultants Jones Lang Wootton (JLW)
\nand the Prudential Insurance Co. of America said yesterday they
\nhad set up a joint company to manage a US$300 million fund for
\ninvestment in Southeast Asia's booming property sector.<\/p>\n
GRA (Singapore) Private Ltd. will manage the Bermuda-
\nregistered Southeast Asia Property Co. fund, which has so far
\nraised US$200 million -- $150 million from five initial
\nshareholders and $50 million from Singapore's Seaprime
\nInvestments Pte. Ltd.<\/p>\n
In a joint statement, JLW and Prudential said GRA expected to
\nraise another $100 million from other institutional investors.<\/p>\n
The first direct real estate fund managed out of Singapore was
\nin line with the government policy of encouraging fund managers
\nto operate here, JLW and Prudential said.<\/p>\n
The five initial shareholders to the fund are Prudential,
\nAustralian Mutual Provident Society (AMP), Nationale Nederlanden,
\nthe Abu Dhabi Investment Authority and Australia's State
\nSuperannuation Investment and Management Corp.<\/p>\n
Seaprime, an affiliate of the Government of Singapore
\nInvestment Corp., will be a strategic advisor to GRA in investing
\nthe fund in countries like Singapore, Malaysia, Thailand,
\nIndonesia and Hong Kong.<\/p>\n
\"We are already considering two joint venture projects in the
\nregion both of which suit our investment criteria,\" GRA executive
\ndirector Ian Mackie said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/new-firm-to-manage-property-fund-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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